FL Partnership/Medicaid

[Charlie456]

I'm not in the FL area but have a client interested in LTC. It's for a couple who each have $50 - $60K each of pension income. They are in their 60's and I like the no inflation protection option because it's priced well and the break even point is far down the line. I understand it's not partnership without inflation, but also understand their income does come into play and makes it much tougher to qualify for medicaid - but not impossible. Can anyone share with me how easy it is to go into an ALF on the Medicaid extended coverage in Florida? And also, please feel free to share a different perspective. Thanks so much!!!!!

 

[Mr_Ed]

I'm not in the FL area but have a client interested in LTC. It's for a couple who each have $50 - $60K each of pension income. They are in their 60's and I like the no inflation protection option because it's priced well and the break even point is far down the line. I understand it's not partnership without inflation, but also understand their income does come into play and makes it much tougher to qualify for medicaid - but not impossible. Can anyone share with me how easy it is to go into an ALF on the Medicaid extended coverage in Florida? And also, please feel free to share a different perspective. Thanks so much!!!!!

I agree with your policy design.

 

[Charlie456]

Thanks... This is a competitive situation and the other agent said losing partnership would be a bad thing so I want to make sure I don't over/understate partnership advantages and disadvantages in FL. Anyone has any FL partnership specifics to share?

 

[Arthur Rudnick]

originally posted by Charlie456

Can anyone share with me how easy it is to go into an ALF on the Medicaid extended coverage in Florida?

Charlie, as far as I know, Medicaid will not pay for ALFs, they only accept private pay.

Not sure about home care in FL, very few state's Medicaid programs will pay for that either. For the most part, you would have to assume that Medicaid is a nursing home only conversation.

Also, keep in mind that Partnership or not, Medicaid should never be the first choice. Medicaid's rules & regs are very restrictive in the amount of income that the well spouse will be able to keep.

 

[Mr_Ed]

originally posted by Charlie456

Charlie, as far as I know, Medicaid will not pay for ALFs, they only accept private pay.

Not sure about home care in FL, very few state's Medicaid programs will pay for that either. For the most part, you would have to assume that Medicaid is a nursing home only conversation.

Also, keep in mind that Partnership or not, Medicaid should never be the first choice. Medicaid's rules & regs are very restrictive in the amount of income that the well spouse will be able to keep.

Great points, Arthur. Charlie just tell them that if they rely on medicaid then it will cost them the entire income of the spouse who needs care. The other agent has probably not explained to them that income is not protected by the partnership. Once you explain that to them they will buy from you.

 

[ltcadviser]

I'm not in the FL area but have a client interested in LTC. It's for a couple who each have $50 - $60K each of pension income. They are in their 60's and I like the no inflation protection option because it's priced well and the break even point is far down the line. I understand it's not partnership without inflation, but also understand their income does come into play and makes it much tougher to qualify for medicaid - but not impossible. Can anyone share with me how easy it is to go into an ALF on the Medicaid extended coverage in Florida? And also, please feel free to share a different perspective. Thanks so much!!!!!

I have always thought Partnership benefits are overblown.

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Thanks... This is a competitive situation

Is this other agent recommending a specific policy, or is this just a general advice competition?

 

[tsl777]

I'm in Florida and the guidelines for Medicaid limit assets to $3000 and income limits are as followed:
Qualified Medicare Beneficiary (QMB):
$1,010 – Individual $1,355 – Couple

Specified Low-Income Medicare Beneficiary (SLMB)
$1,208 – Individual $1,622 – Couple
LIS for Part D (low income subsidy)
$1,476-individual $2,241-couple

 

[Mr_Ed]

I'm in Florida and the guidelines for Medicaid limit assets to $3000 and income limits are as followed:
Qualified Medicare Beneficiary (QMB):
$1,010 – Individual $1,355 – Couple

Specified Low-Income Medicare Beneficiary (SLMB)
$1,208 – Individual $1,622 – Couple
LIS for Part D (low income subsidy)
$1,476-individual $2,241-couple

For nursing home care, Medicaid allows the community spouse to keep around $120K in countable assets and there's no cap on the amount of income the community spouse receives.

 

[tsl777]

For nursing home care, Medicaid allows the community spouse to keep around $120K in countable assets and there's no cap on the amount of income the community spouse receives.

Right you are....Im still learning new(to me) loopholes in the system.

 

[Mr_Ed]

Right you are....Im still learning new(to me) loopholes in the system.

it's not really a loophole, it's just the way congress set it up.
they don't want the community spouse to be totally impoverished.