The maximum amount of countable assets a confined individual may have is $2,000.
If the confined individual’s income is less than $808 per month, the maximum countable asset limit raises to $5,000.
The monthly personal needs allowance is $35.
The maximum amount of gross monthly income a person can have without the need of a qualified income trust is $2,094. If there is more than $2,094 in gross monthly income then you must have a qualified income trust drafted. Once this document is drafted and notarized, the trust documents must be taken to the bank where a checking account is opened up in the name of the trust. Each month the trust must be funded with an amount of money equal to or greater than the amount over the income limit. In the same month, that amount of money must then be disbursed to the nursing home. If there is a community spouse, they may be entitled to a portion of the confined spouse’s income under the MMMIA, “minimum monthly maintenance income allowance.”
Spouse of the confined individual
The maximum countable assets for the community spouse is $113,640
The income limit of the spouse of a confined person may have is unlimited. No matter how much monthly income the community spouse has will not prohibit the confined person from receiving nursing home Medicaid benefits. The community spouse may be eligible to receive a portion of the confined spouse’s income under what is referred to as the Minimum Monthly Maintenance Income Allowance.
Minimum Monthly Maintenance Income Allowance is $1,839. This is the minimum amount of monthly income a community spouse is entitled to receive without having to prove any basic housing expenses.
The maximum monthly maintenance income amount is $2,841. This is the maximum amount of money a community spouse is entitled to receive for housing expenses. It is based on a formula that takes into consideration homestead property taxes, home owner’s insurance, utilities, HOA fees, rent and or mortgage payments.
Other Basic Nursing Home Medicaid Information
A married couple or individual is entitled to own one home as their homestead. This home is an exempt asset (refer to the article “Can I keep my house”) up to $500,000 of equity. If the home has more than $500,000 in equity, the state of Florida has the right to place a lien against the house in an attempt to recover money paid out in nursing home Medicaid benefits.
A married couple or individual is entitled to own one automobile of unlimited value. If there is a second vehicle, it will be considered a countable asset unless is it in excess of seven years of age and is not considered a collector or luxury vehicle. If the second vehicle meets both of the criteria, it is not considered a countable asset for purposes of nursing home Medicaid.
Wedding and engagement rings, clothes, furniture and household items are considered exempt assets.
Pre Paid Funeral expenses are considered an exempt asset as long as they are made irrevocable.