How EPIC Works

EPIC assists clients of Florida Elder Law Attorneys in obtaining Medicaid ICP benefits.

The Medicaid ICP benefit is available to those in a long-term stay at a Skilled Nursing Facility, or nursing home.

When an applicant meets the asset test, income test and other eligibility criteria, the Medicaid program pays for a person’s nursing home stay.

The asset test imposes a limit for an individual of just $2,000 in countable assets ($3,000 for an eligible couple).

This means that without additional planning, an individual with more than $2,000 in assets can not receive Medicaid ICP benefits.

The majority of people considering Medicaid are “over-income”, or “over-asset” or both, yet still cannot afford the cost of their care.

For people in this situation, Medicaid planning with an Elder Law Attorney is critical. An experienced Elder Law Attorney can help restructure assets and income to help someone become Medicaid eligible.

Despite what many people believe, this DOES NOT involve hiding assets. Instead, the Elder Law Attorney strictly follows the law, and uses regulations that permit the conversion of assets that Medicaid would otherwise require you to spend, into assets Medicaid will allow you to keep without penalty.

One tool in the Elder Law Attorneys protection toolbox is the use of “income producing property”.

Under Rule 1640.0548 of the Florida DCF Program Policy Manual, income producing property may be excluded from the asset test if the property “produces income consistent with its fair market value.”

This rule expressly allows an applicant to own income producing real estate worth more than $2,000, and still qualify for Medicaid ICP payments.

Unfortunately, most people facing a stay in a nursing home don’t have the time or ability to manage real estate, especially given the complexity of managing rental property.

That’s where EPIC comes in.

EPIC helps clients purchase real estate, and then EPIC offers turn-key solutions to take all the hassle of owning real estate off the client’s shoulders.

EPIC leases the property to tenants, makes sure all the bills get paid, and sends the client a monthly rent check, so the client simply receives a monthly “Net Rental Income” that is consistent with fair market value.

This monthly income is then paid to the nursing home, thereby reducing the amount that Medicaid has to pay for the client.

Elder Law Attorneys also help the client establish an estate plan to protect the income producing property from any creditor claims once the client passes away, thereby passing that value on to heirs.

If you or a loved one needs institutional care in a nursing home, but can’t afford the costs, you should speak to a qualified Elder Law Attorney as soon as possible.

EPIC is NOT a law firm. EPIC does NOT give legal advice. EPIC does NOT work with people who are unrepresented.

To work with EPIC, you first need to work with an Elder Law Attorney.

To find a qualified Elder Law Attorney, look on our Testimonials Page, or go to www.afela.org.

To paraphrase every drug commercial…. “Ask your attorney if EPIC may be right for you.”

 

 

 

 

 

 

 

89 thoughts on “How EPIC Works”

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