In Florida, Medicaid eligibility depends on the amount of assets that are available to the individual  The maximum amount of assets that are allowable depend on whether the person is married or single.  A non married person is allowed to have $2,000 worth of non-exempt assets.  A spouse of the person who is applying for Nursing home eligibility is allowed to have $109,560 of non-exempt assets or in non-exempt assets.  If both spouses require nursing home coverage, they can only have $3000 of non-exempt assets.  There are ways of changing the character of assets to make it easier to qualify for coverage.

The assets that count include cash in banks, brokerage accounts, stocks, some life insurance and some automobiles.

The assets which are exempt include:

• Automobiles - The First Car can have any value and a Second car that is more than 7 years old.
• Life insurance with face value of $2500 or cash value up to $2500
  
• Prepaid irrevocable Burial Plots that are in your name
  
• Most Personal property and belongings
• The principal in some annuities or other qualified retirement plans

If you have questions about Medicaid or would like more information about Medicaid in Jacksonville or other areas of Florida, CONTACT our Florida Elder Law Lawyers by email or call us at 904-685-1200 to discuss your situation today.  For Medicaid related issues we offer a free 30 minute initial consultation.