What is a Medicaid Spenddown in Florida?
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- Опубликовано: 9 авг 2020
- What is a Medicaid spend down and how can it help me qualify for Medicaid? More information about Medicaid spend down👇
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Thank you.
You are welcome
Can you purchase a home or condo from an inheritance and still keep your medicaid (provided you do it in 30 days of receiving the disbursement) and have spent down enough to keep your benefits under the income-asset based rules? As always, thanks for the informative and down to earth videos.
Keep in mind that Florida Medicaid only allows for one primary residence. If you receive an inheritance and currently rent, you can absolutely use some or all of it to purchase the new home. This is called spending to purchase an excluded asset (i.e. taking money -- which is a countable assets -- and spending it on an asset that Medicaid does not count). If you get the inheritance but need more time to purchase a home, we also use special needs trusts as a place to temporarily "hold" the cash so your Medicaid benefits are not in jeopardy (and so you are not rushing to buy a place without doing needed due diligence).
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Thank you for reaching out John. Please call our main office at: 305.931.0478 to set up a time to talk.