You may have carefully budgeted to save for your retirement, and your plans likely involve aging in place for as long as possible. You may have even bought a different home for retirement or made major changes to your property so that you can live there safely.
Those who are able to stay in their homes by adjusting their living arrangements to be more accessible and safe often have an easier time transitioning into their golden years after retirement. They can sometimes live in the same home until they die.
Unfortunately, no matter how carefully you plan, you may eventually need to go to a nursing home because of your age-related health concerns. The average nursing home facility in Florida will cost thousands of dollars a month, even if you share a room with someone else. Will Medicaid pay for those costs if you need support later in life?
Yes, Florida Medicaid will cover nursing home care costs
Throughout much of your retirement, you can rely on Medicare benefits, but you may reach the point or your care needs exceed what Medicare will cover. A long stay in a rehabilitation facility or a bed in a nursing home will be medical expenses that Medicare does not cover.
Those who qualify for Florida Medicaid can receive benefits that will pay for every day of their nursing home care until their condition improves or they die. Sadly, not all older adults have an easy time getting those key benefits when they require them.
Planning for Medicaid is an important step
The standards for Florida Medicaid are very strict. Both your income and the value of your property will count against you. The only property that won’t potentially prevent you from securing benefits is your home, and the state could eventually make a claim against your home in estate recovery efforts after you die.
Careful Medicaid planning involves protecting your assets and adjusting your finances so that you can quickly qualify for benefits when you need them. Otherwise, you might be subject to large penalties for any gifts or transfers that you made in the five years prior to buying. Learning more about how Medicaid works and how to plan for benefits in the future can help you plan for a more comfortable retirement.