The fastest growing segment of our population is the oldest one-third. More and more of this segment of society may need skilled long-term care. Medicaid’s Institutionalized Care Program (ICP) helps seniors pay for the monthly cost of the nursing facility and provides general medical coverage. The average cost of a nursing home in Florida is currently $10,809 (DCF Appendix A-35) a month.
Paying for these services is a cause of great concern to anyone who is trying to prepare for their future and ensure sufficient funds to pay for long-term medical care, and possibly, nursing home care.
With proper planning, the Medicaid rules allow individuals to preserve assets and provide for their heirs while still qualifying for Nursing Home Medicaid benefits. There are different options available depending on whether the planning takes place immediately prior to the application for Medicaid or years in advance of the need. Below is more information on the program qualifications and planning tools:
- Qualification Requirements
- Asset Transfer Look-Back Period
- Medicaid Income Qualifying Trust (MIQT)
- Personal Services Contract (PSC)
Please contact the office to schedule a telephone conference to review if they can help you apply for Nursing Home Medicaid benefits.