Medicaid, unlike Medicare, is an asset-based program. This means that not everyone can qualify for Medicaid, even if they already receive Medicare. In order to qualify for Medicaid you have to meet some stringent eligibility criteria. If you cannot meet these criteria, you cannot use the program to pay for long-term care expenses. For example, anyone who wants to use Medicaid in Florida must meet the asset limit criteria. Currently, a single person can only have no more than $2,000 in countable assets, while a married couple can have no more than $3,000 in countable assets. Notice that not all assets will be counted when determining eligibility.
Topics covered in this report include:
- The Looming Specter of Long-Term Care
- associated expenses.
- Medicaid Qualifications
- Your First Step in Medicaid Planning