Florida Medicaid Key Figures - 2009
In response to my post NJ Medicaid Key Figures - Starting July 2009 I received 2 questions if it was "better" to move to Florida for Medicaid purposes. Not being a Florida practitioner, I cannot really compare Medicaid rules in the two states. Note the Medicaid is federal law - so while it is implemented on a State by State level, the overarching rules are the same for everybody. What I can do is give you the Florida Key Medicaid figures, courtesy of The Law Offices of Sean W. Scott, Esq.
2009 Florida Medicaid Asset/Income Numbers.
- Gross income for the applicant - Less than $2,022* per month
- Gross income for the spouse - Unlimited
- Spousal income diversion - min. $1,750 max. $2,739
- Spousal excess shelter standard - $525
- Assets** allowed for the applicant - $2,000
- Assets** allowed for a low income (less than $808 per mo.) $5,000
- Assets allowed for the well spouse - $109,560
- Transfer penalty divisor - 5,000
*If income is higher an income trust will be required.
**Assets must below the limit at least one day during each month the application is pending for approval.
If you need Florida specific legal counsel, search for Florida Elder Law attorneys through the Attorney Locator of the National Academy of Elder Law Attorneys.
I love being ahead of a news story.
It seems that my in box is full of information on better places to live than New Jersey from a cost perspective (personally, I love the shore and NYC and Philly and skiing all being within 2 hours drive). I got a very thoughtful piece from my friends at
It is no secret that New Jersey is the most expensive state to die in. New Jersey has the lowest estate tax exemption threshold of the country at a mere $675,000. In contrast, Florida has no state-level estate tax, and the creation of an estate tax is specifically banned by its Constitution. in addition, Florida's state revenues are generated primarily from property tax and sales tax. Due to all of these things, Florida is a less expensive State to live and die in New Jersey. For years we've been recommending to clients who have homes in both New Jersey and Florida to consider changing their residency of Florida.
