Explore Your Options for Long-Term Care Benefits with DeLoach, Hofstra & Cavonis, PA
Medicaid can provide a valuable financial lifeline for Floridians who can’t afford the high costs of long-term care alone. However, for many families, the state’s strict income and asset limits demand a certain measure of sacrifice—sometimes forcing applicants to make difficult decisions between their physical health, their life savings, and their children’s inheritances.
DeLoach, Hofstra & Cavonis, PA, has spent a half-century helping hardworking families avoid ending up in a cash-strapped retirement. Read more to find out how our Florida Medicaid planning lawyers could help you avoid unexpected financial hardship, or contact us today to speak to an attorney and schedule your initial consultation.
How Assets Affect Florida Medicaid Eligibility
Florida’s Medicaid programs can help pay for the costs of home care, assisted living, or a longer-term stay in a nursing home. However, both the state and the federal government set strict limits on who—and cannot—receive Medicaid benefits.
In most cases, an applicant can only receive benefits if they’re: 
- 65 years of age or older or disabled
- A Florida resident who’s either a U.S. citizen or a “qualified” immigrant
- Able to demonstrate that they have a need to receive certain health care services
Outside of these requirements, Medicaid pays particular attention to an applicant’s financial need.
For example, according to 2024 guidelines, recipients cannot typically have an income that exceeds $2,829 per month, and they cannot own assets worth more than $2,000.
2 Types of Medicaid Assets
Although Medicaid’s income and asset limits might seem stringent, the Sunshine State doesn’t use the dictionary definition of the word “asset” when deciding whether to approve or deny an application. Instead, Florida categorizes assets as either of the following.
1. Countable Assets
A countable asset, or non-exempt asset, is any asset the state considers income for Medicaid qualification purposes. Examples of countable assets include:
- bank accounts/certificates of deposits
- stocks/bonds/mutual funds
- cash value of life insurance policies
- investment real estate
2. Non-Countable Assets
A non-countable asset, or an exempt asset, is one that isn’t used to determine Medicaid eligibility. In Florida, many different types of assets are exempt. These include:
- Personal belongings
- Household furnishings
- Automobiles (one of unlimited value, one if over 7 years old and not a collectible car)
- Your primary place of residence (unless you are single, then there is a limit on the value of your home
- Irrevocable funeral policies
- Term life insurance
If a Medicaid applicant is married but their partner isn’t seeking long-term care benefits, the “well spouse” is entitled to a “Community Spouse Resource Allowance” (CSRA) under the Spousal Impoverishment Rule. Again, as of 2024, the CSRA permits the well spouse to retain up to $154,140 in assets.
Retaining Your Independence Without Forfeiting Benefits
DeLoach, Hofstra & Cavonis, PA, has spent decades helping Florida families obtain Medicaid benefits without risking their wallets or giving away their life savings. Our experienced team of Sun City Center Medicaid lawyers could help you explore options for long-term care planning strategies including, but not limited to:
- Providing an in-depth overview of your assets, and helping you determine which of your possessions are exempt from Medicaid income limits—and which aren’t.
- Finding the best ways to “spend down” while preserving your quality of life and ensuring that your hard-earned money doesn’t go to waste.
- Exploring different types of trusts—including irrevocable living trusts, qualified income trusts, and Medicaid asset protection trusts—that let you retain control over your assets while improving your chances of receiving long-term care assistance.
Understanding Florida’s complex Medicaid requirements can be confusing, but our attorneys help take the uncertainty out of preparations—no matter whether you’re still saving for retirement or need immediate help. Please send us a message online to find out how we can help you.
