Many people hesitate to do Medicaid planning because of some common misunderstandings.

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Here are some basic Medicaid concepts you should know about:

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• The average monthly cost for a nursing home in Florida is more than $8,500 per month–and plans such as Medicare and Humana do not pay for long-term stays.

• Many people are afraid to apply for Medicaid because they do not want their loved one to be in a “Medicaid Facility”.  However, virtually every nursing home in Florida accepts a certain number of Medicaid residents.

• Clients frequently think they must spend all their assets before they can be eligible for Medicaid, or that Medicaid will take their home.  However, with proper Asset Protection Planning, you or your loved one can become eligible by “sheltering” your assets and life savings.

• Giving your money or your home to your kids may be allowed under the tax code but doing so may trigger penalties when you apply for Medicaid.

• Many Floridians who have moved from other states think it is too late to plan for Medicaid.  However, the laws in Florida are different than most other states and it is usually never too late to plan or apply.