Florida Long-Term Care

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Florida participates in the federal/state Long-Term Care Partnership Program authorized by the Deficit Reduction Act (DRA). Florida’s Long-Term Care Partnership Program is a partnership program between Medicaid and private long-term care insurers designed to encourage individuals to purchase private long-term care insurance. Long-Term Care Partnership policies must be tax qualified (a portion of premiums paid may be claimed as a tax deduction) under federal law; provide policyholders with inflation protection; and most importantly, provide dollar-for-dollar asset protection in the event the policyholder needs to apply for long-term care Medicaid assistance. For every dollar that a partnership policy pays out in benefits, a dollar of assets can be protected from Medicaid spend-down requirements.

The intent of the plan is to encourage people to make better plans for their future long-term care needs. A plan must meet state and federal requirements to be considered a partnership plan.

For example, if your partnership policy pays $300,000 in benefits the state will disregard an equal amount in the spend-down requirement for Medicaid. This would allow you to qualify for Medicaid long-term care benefits while retaining more of your assets than what Medicaid would typically allow.

Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $123,600.

Most states have reciprocity with other states' long-term-care partnership programs including Florida. This means if you move from or to Florida your partnership asset protection follows you as well.

A variety of products are approved in Florida for Long-Term Care planning.

There are no current state tax incentives available at this time, federal tax incentives do apply.

Florida Long-Term Care Costs

Home Health Aide Average Monthly Rate $3,909
Homemaker Services Average Monthly Rate $3,804
Adult Day Care Average Monthly Rate $1,463
Assisted Living Average Monthly Cost $3,500
Skilled Nursing Home Semi-Private Monthly $8,102
Skilled Nursing Home Private Average Monthly $9.064