Attorney Jason Neufeld discusses qualified retirement plans and how they affect Medicaid Eligibility. Learn more about qualified retirement plans 👇

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Transcript:

I want to talk about the impact a qualified retirement account has on Medicaid Long Term Care eligibility in the state of Florida. Now, I want to be specific when I say qualified retirement account, I’m not talking about any investment account, I’m not talking about ordinary annuities, I’m talking about accounts that are specifically designated – most typically IRAs, 401k’s, SEPs, things like these are qualified retirement accounts, not just any investment account.

These accounts, fortunately, have a special status under Florida Medicaid law that says if and only if these accounts are paying out in regular monthly distributions (actually, it can be quarterly or annually, but it’s regular distributions), then the value of that account will not be counted against a Florida Medicaid applicant when they’re determining eligibility for these long term care programs, whether it’s helping to pay for a nursing home, home health care, assisted living facility care.

Now, the important factor to remember is that even though the asset itself – you may have hundreds of thousands of dollars in this asset, that will not count, but the income as it’s dispersed to you will count. So you may have to take that income and place it into a qualified income trust or Miller trust in order to be qualified for Medicaid, but that asset is not going to count against your $2,000 countable asset limit in the state of Florida.

Now, some people say well, what if I am younger than the age of 72. Currently, the law says that only at age 72, must you start taking your required minimum distributions. But the law the Medicaid law does not require these distributions to be required, you can take voluntary distributions and we can work with you to calculate for you about how much that should be and go from there. But even if you’re under the age of 72, or even under the age of 65, because we help people who are both over the age of 65, or under 65, and disabled qualify for Medicaid long term care, we can help work with your 401k or IRA or other qualified retirement plan to make sure that it is compatible with Medicaid laws and regulations. So that’s not counted against you.

Now, I will say, there are certain circumstances where we do advocate and advise our clients to in fact cash out of those accounts and allow us to protect that money another way. That typically happens when our client is in a nursing home setting. Because if they’re in a nursing home setting, all of their income is going towards their facility bill and then Medicaid is paying the difference essentially. So if we will, we often want to do is pay for this if we can minimize how much income is going into the facility and protect that money in another way, it’s worthwhile to at least explore those options. But if you’re in an assisted living facility, or you’re looking to receive care home and also qualify for Florida Medicaid Long Term Care Benefit to help pay those expenses, there’s usually no problem leaving these qualified retirement accounts in place as long as we structure them properly and make sure they’re paying out what they’re supposed to be paying out to fit Medicaid’s criteria. Hope this helps if you’d like to talk more about it. We work with everyone all over the state of Florida, and you can call our office to set up a consultation today. Thank you very much….(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

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