Medicaid is a nationwide health insurance program that is jointly funded by the federal and state governments. It provides access to limited health services for people who have low income and few countable assets.
To be eligible for Medicaid coverage, seniors in Florida need to have a monthly income under $2,313 for an individual or $4,626 for a couple applying together. Countable asset limits are currently set at $2,000 per individual and $3,000 per couple, and assets include cash, bank account balances, stocks, bonds and real estate other than the applicant’s primary residence.
Medicaid exempts assets, such as personal belongings and household effects, one vehicle, burial trusts (non-revocable only) and a home valued up to $585,000.
Florida residents aged 65 and older who meet the financial requirements to qualify for Medicaid, may be eligible for partial assisted living funding through the Florida Statewide Medicaid Managed Care, Long-Term Care Program (SMMC LTC). This program is designed to help reduce the rate of nursing home placement in the state by providing care assistance in a senior’s home, the community or in an assisted living facility.
Note that benefits provided through the SMMC LTC program cannot be used to finance the room and board portion of assisted living; however, these benefits can be used to finance care services in an assisted living environment.
For more information on Medicaid and Statewide Medicaid Managed Care and Long Term Care in Florida, contact the Florida Elder Helpline at (800) 963-5337 or call the Agency for Health Care Administration at (877) 711-3662.