Exempt Assets in Fort Myers Medicaid Planning
When Fort Myers residents apply for Medicaid, there are a lot of rules they have to become familiar with. Many of these rules are critically important as they involve the protection or use of the applicant’s assets to pay for assisted living and long-term medical costs. While there is an imposing list of assets that are subject to Medicaid’s authority, there are also assets that remain exempt. It is important for Fort Myers residents to know which assets are exempt from Medicaid and any special rules attached to those assets.
In the state of Florida, the following funeral cost and burial assets are exempt from Medicaid planning.
- $2,500.00 in the applicant’s savings account designated for burial costs
- Any burial plots that have been purchased
- Burial contracts that are irrevocable
- Life insurance policies that have zero face value or a total face value less than $2,500.00
Florida law is very specific on what types of items are exempt from Medicaid planning. For example, Florida law specifically states that one wedding ring can be considered exempt for the applicant. An applicant can own one vehicle that is less than seven years old. That same applicant can own as many vehicles as they want that are more than seven years old, provided those vehicles are not consider classics or collectible in any way.
Business and Financial Assets
Florida law allows applicants to keep certain types of retirement accounts, and they can also retain ownership of business real estate. Applicants can also have ownership in certain types of annuities, but those annuities must meet the state’s requirements. It is important to discuss these types of possessions and accounts with an experienced elder law attorney to help you understand exactly what is and is not exempt.
The Mattar Firm has experience in planning for Medicaid. Let our caring asset protection lawyers explain the exempt items process to you and help you to identify those items that Medicaid will allow you to keep, even after you have transitioned to an assisted living facility.