Effective Date of the New Medicaid Eligibility Rules
On March 7, 2007, the State of Florida took further steps in the process of implementing the new federal Medicaid law by publishing its own rules and setting hearings. The Deficit Reduction Act of 2005 contains sweeping changes on how the government determines who is eligible for Medicaid. We expect the new law to become active in Florida sometime in August or September. The law changes gifting rules, the way homes are counted, annuity rules, retirement plan rules and other important eligibility issues.
If you or your loved one is a Florida resident concerned about long-term care, contact Solkoff Legal, P.A. to learn about planning opportunities. While the rules and laws will still allow people to avoid unnecessary impoverishment, there are planning opportunities which exist today that will not exist once the new law is implemented. The implementation process for the new law (the Deficit Reduction Act of 2005 (DRA)) is complicated and dynamic. As of the date of this posting, Florida is still operating under the “old” rules but proper planning requires consideration of both the old and the new rules.
Because the new rules will so negatively impact Florida’s elderly and the government as well, Solkoff Legal, P.A. believes that the State will not be able to implement its new proposed rules without significant revision. We are currently lending direct support to organizations and may be launching legal challenges in the near future.
For now, people who may be requiring long-term care in the next five years are well advised to not make any gifts or conduct any financial transactions without the advice of qualified counsel.
Keep checking this page for more information.
