These are the three questions that are commonly asked at Walt Shurden Law about the Florida Medicaid Nursing Program.
1) The first question is your homestead exempt, the home that you live in? The answer is yes, it's exempt from being an accountable asset on your application for benefits. And, unlike other states, your home in Florida is also exempt from recovery by Medicaid at your death. So, for funds that they have expended on your behalf.
2) The second thing that you might be surprised about is that are largest savings vehicle now, IRAs and 401ks, are also exempt as long as they are distributing, making monthly distributions or yearly distributions to the owner.
3) The third thing to understand is that Medicaid does not pay for all your nursing home care. Every person has to contribute their monthly income towards their care. So your social security, your pension, your IRA distributions form what's called Patient Responsibility, and that's what you're responsible for paying.
This information and a lot more detailed information about Medicaid benefits is contained in a eBook that's on this website. Download free copy of the Steps to Becoming Medicaid Eligible eBook. This will get you up to speed and certainly we would like for you to call us if you have additional questions.