Medicaid Planning

The Medicaid Institutional Care Program (ICP) is a state/federal program that pays most nursing home costs for people who meet three eligibility requirements including aged or disabled need, medical need, and financial need. In Florida, eligibility for Medicaid is determined by the Department of Children and Families, Office of Economic Self Sufficiency and is administered by the Agency for Health Care Administration,

In determining the financial need of a Medicaid applicant, Florida's financial criterion is based on the "income cap" and the "asset test." There are certain assets that are exempt from consideration and can be kept when applying for Medicaid. These include

• Personal residence
• Automobile
• Whole life insurance with a cash surrender value of less than $2500
• Prepaid funeral plans
• Household furnishings

Planning ahead by consulting with an elder law attorney early will help preserve assets should placement in a skilled nursing facility become necessary. However, even when planning ahead has not been done, an elder law attorney can still help preserve assets and avoid very costly mistakes.