Florida Medicaid Asset/Income Limits for 2004.
Gross Income for the applicant - Less than $1,692.00 per month
Assets for the applicant - Less than $2,000.00
Assets for the well spouse - Less than $92,760.00
**Assets must below the limit at least one day during each month the application is pending.
Some Other Rules and Qualifications for Florida Medicaid Institutional Care Program (ICP)
Placement in a nursing home. (Not an Assisted Living Facility)
Referral by physician.
Agreement by CARES unit of Department of Elder Affairs that nursing home is proper placement.
Gross income includes any deductions such as Medicare Part B premium and witholding taxes.
If the income of the applicant is over the limit, the applicant can create and fund an income trust to solve this problem.
The applicant may be disqualified if a transfer of assets for less than market value is made to somebody other than a spouse.
A disqualification period is calculated based upon the amount of assets tranferred divided by 3,300 for all tranfers made and disclosed if it is within the 36-month look back period.
You should not apply for Medicaid until all of the above criteria have been met. Applying too soon can create more problems.
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