18 Mar Elderly Eligibility: Do You Meet the Florida Medicaid Income Limits?
Are you one of the 23% of Florida residents over the age of 60? If so, you might be interested in seeing if you’re eligible for Medicaid.
Medicaid specifically is health insurance for individuals with low-income, the elderly and the disabled. As you age, knowing how you’ll take care of your health is incredibly important. Therefore, you’ll need to know the Florida Medicaid income limits.
In this article, we’ll go over how much money you can have in assets, and how much income you can have, in order to still qualify for Medicaid.
Read on for more information.
How Is Medicaid Eligibility Assessed?
How you’re assessed for Medicaid depends on a variety of factors, including your marital status. Your income limit is an important part, but it doesn’t necessarily determine if you’re eligible for Medicaid.
In addition to your income, the state will also assess how much you have in assets, though not every type of asset is included. Also taken into consideration is the type of care you need.
Some people who are on Medicaid are still relatively healthy and don’t need prolonged or intensive care. Other individuals may be relatively ill or disabled. They may need care in their home or they may need to live in a nursing home.
The state will also have different criteria depending on your care needs. The main purpose of this is to reduce the amount of money the state will need to pay to take care of your needs. If you can pay for some care, the state would prefer that you use your own assets.
We’ll go over which assets are counted and which are excluded later on in the article. These assets can make you ineligible for care if you possess too many of them, so it is important to pay attention to the limits carefully.
Florida Medicaid Income Limits
While how much you earn a month isn’t the only thing that determines your eligibility for Medicaid, it is an important aspect.
How much you earn per month also depends on whether you’re applying as a single person, as a couple or if you’re applying for yourself but you’re married.
What Counts as Income?
In this instance, income is defined as any amount of money you receive every month. This doesn’t have to be through work, but can include pension, alimony, disability payments, Social Security and dividends.
Income Limits for Single People
Single people who need extensive care, such as having home care or living in a nursing home, can have an income of up to $2313 per month. They must not possess assets of more than $2,000.
Those who need regular Medicaid, such as seeing the doctor occasionally to help manage their health, can not have an income higher than $891 per month. They may not have assets higher than $5,000.
Income Limits for Couples Applying Together
Sometimes, couples prefer to receive care together or to move into a care facility together. As a result, there is a limit to how much spouses can receive as a unit.
Spouses in a nursing facility, or who need home care, can earn $4,626 per month, with neither spouse taking home more than $2,313 per month. Together, they can have no more than $3,000 in assets.
For less intensive care, couples who receive Medicaid must make less than $1208 a month combined. They cannot have more than $6,000 in combined assets.
Income Limits for Married Individuals with One Medicaid Applicant
If a couple is married, but only one couple applies for Medicaid, there are also certain limits. They are very similar to that of a single person but do differ slightly.
For more intensive nursing home care or home care, a married individual applying for Medicaid can make no more than $2,313 per month. There is no limit on the amount of money their spouse can earn.
Their assets for more intense care must be under $2,000, but their spouses can retain up to $126,420 in assets.
A married individual who doesn’t require extensive care can make up to $891 a month, and cannot have more than $5,000 in assets.
What Counts as an Asset?
Upon reading Florida Medicaid eligibility, many homeowners may worry that having a home makes then ineligible. However, this is luckily not always the case.
Assets are defined as second properties and a second car. Items such as furniture, clothing, and jewelry also do not count as assets.
The home may become an asset if the individual who is being institutionalized plans to sell the home in order to move into a facility. In this case, the money earned from the home’s sale will count. However, if they plan to return home, have a child under 21, spouse or disabled individual living in it, the house does not count as an asset.
The home is only exempt if its equity limit is under $572,000.
Your burial trust is also not counted as an asset in this instance.
If you’re still confused about Florida Medicaid income limits, or have further queries, you should contact a professional immediately. They can help you work out whether or not you qualify for Medicaid using all available data.
Or, if you think you qualify and would like to proceed, contacting a professional is a great way to ensure that you receive the care you need on the first try.
Contact us today. We can help ease the burden of medical costs on you and your family as you enter your golden years.