Every week, we hear a version of this same story in our law office.
“My friend was denied Medicaid because she has too much money. I know I’m better off than her, so I won’t qualify.”
The fact is, there are many factors that may have led to that denial. Qualifying for Medicaid benefits in Florida is more complicated than “I have too much money.” It’s unlikely that your friend would give you a detailed accounting of her finances, so you probably won’t know the true nature of her situation. The success, or failure, of a Medicaid application lies in the details – and in the planning and use of Medicaid asset protection tools. So to hear one or two friends’ experience, then apply those circumstances to your own situation would be doing yourself a disservice.
So Much Variety
Everyone has different income sources. Some folks just receive a check from Social Security each month. Others may receive Social Security and a pension. Still others may have an annuity arrive each month, plus income from an IRA or investment portfolio.
The same goes for assets. Some folks have many assets, while others have only a few. Of course the values in those accounts vary from person to person. Some seniors have a house they could sell to help pay for long-term healthcare while others did that years ago and the money is nearly gone.
Several Paths to Success
Yet, each person described above, and all the types in-between, can become eligible for Medicaid. The path will be different, but just about everyone can be successful with the right counseling, the right plan, teamwork and follow-through.
The first steps involve working with an experienced elder law attorney who works in the Medicaid world on an everyday basis. A good attorney will listen to you, ask questions to clarify your situation and your goals, then draft a strategy that is unique to you and your family. Experienced attorneys know the ins and outs of the Medicaid process of your state, and they know the many agencies that play a part in the process. In some cases, that attorney’s reputation with these agencies may provide a smooth application process as opposed to trying to apply on your own.
At Mortellaro Law, our Tampa-based firm assists seniors and their families every day with Medicaid applications and asset protection to achieve the dual goal of securing benefits and protecting assets for future generations. Call Mortellaro Law today to schedule a free, no-obligation consultation in person or over the phone to discuss your journey.