Most families don’t realize how fast nursing home costs can drain a lifetime of savings until a crisis hits. We walk through what Florida Medicaid really covers, why Medicare and private health insurance fall short for long-term care, and how the five-year lookback period actually works, including the real penalty for past gifts and transfers.
Stephen explains the three-part Medicaid eligibility test, the difference between exempt and non-exempt assets, and how tools like personal service contracts, rental property, irrevocable trusts, and qualified income (Miller) trusts can protect a spouse and the family home. We also talk about the dangers of informal “I’ll just gift it to my kids” plans, why timing matters so much, and why it’s almost never too late to improve the outcome if there are still assets left. Listeners learn what to gather, who to call, and the kind of planning that can bring real relief.
In this episode, you will hear:
- Rising nursing home costs in Florida and how quickly savings can disappear
- What Medicare actually pays for vs what Medicaid can cover for long-term care
- Florida Medicaid eligibility basics income limits, asset limits, and exempt vs non-exempt assets
- The five-year Medicaid lookback period how gifts and transfers trigger penalties
- Legal tools to protect assets personal service contracts, rental property, spouse refusal
- Using irrevocable trusts to protect the Florida homestead and reduce tax consequences
- Timing and “crisis” Medicaid planning what families should gather and do next week
Resources from this Episode
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