Mar 13, 2011

Florida considers trimming Medicaid longterm care benefits: Plan, don't procrastinate!

Florida Medicaid cutbacks are under discussion in the Florida legislature. A bill is pending that if passed will make qualifying for longterm nursing care benefits more difficult after July 1.

Medicaid benefits are what make the difference between a family preserving a good portion of its assets or being virtually wiped out by longterm nursing home costs. So, if you do not have longterm care insurance or are not wealthy enough to finance your nursing home costs, you should act now to do Medicaid planning. While our Florida elder law attorneys can often assist families who already have a loved one in a nursing home, planning in advance is always the better choice, affording families more options for greater asset preservation.

One advance planning method is the Irrevocable Medicaid Trust. This is a flexible legal instrument that can save your family significant funds in the long term. It is also a complex one, and should be planned and drafted only under the guidance of a lawyer who is experienced with these matters and certified by the Florida Bar in elder law. 

To hear more about your options for Medicaid planning and preserving assets in today's economic climate, listen to my recent interview on the "Seniors Taking An Active Role in Society" radio program.

No comments:

Related Posts Plugin for WordPress, Blogger...