Paying for long-term and senior care in Florida is not always simple. You may have increasing medical costs or a high cost of living to be concerned about. Depending on how you’ve planned and the medical problems you’re dealing with, it may be difficult to understand how you can afford to pay for your care.
Fortunately, long-term care planning is designed to help you handle the costs of care as you age. You may be able to take out long-term care insurance, use estate planning to protect your personal assets and take steps to qualify for Medicaid, so you have a solid plan in place to pay for the care you need.
In 2020 in Florida, it was determined that the cost of care was around $3,500 monthly. That ranges significant from state to state and from county to county. For example, in Miami, you could expect to pay anywhere from $2,836 to $3,375 monthly for care. In Tallahassee, you might pay $4,500 to $5,375 or more.
Long-term care planning helps you minimize your expenses
Long-term care planning gives you the opportunity to plan for any care needs you may need as you age. For example, Medicaid is available to low-income or disabled individuals, but if you have many assets, you may need to spend those down before you’ll qualify. With estate planning techniques, you may be able to plan to minimize the value of your estate now, so you can protect what you’ve earned during your lifetime and still qualify for this care.
To qualify for help through Medicaid, the state looks at your income and assets to determine if you have a monthly income of more than $2,349 individually or twice that if you’re married. You’re also able to have a home valued up to $595,000, but then your assets must be valued at under $2,000 as an individual. There is a community spouse resource allowance for those who are married, and the allowed limits are slightly higher.
Long-term care planning gives you the knowledge that you can get care without losing all you’ve worked for. Planning in advance will help you know that you’re prepared if you need care that you weren’t expecting.