Florida residents should take the time to talk to an attorney about the Medicaid planning process. This process helps set you up for the best chance of success for getting approved for Medicaid coverage when you reach the age to apply. When prepping, you should understand the top reasons that Medicaid coverage gets denied so that you plan around them.
Income is too high
Every state sets its own maximum limits for how much individuals can make while still receiving Medicaid. In the event that you end up receiving more monthly income than your state allows, you may be denied Medicaid coverage. As part of your Medicaid planning, it’s a good idea to talk with your lawyer about the Medicaid income limits and how to establish yourself below those limits when you reach the age of being eligible for Medicaid coverage.
It’s a scary thought, but 75% of all Medicaid application denials are due to applications lacking the proper amount of information. It’s vital that you take care to fill out all areas of the application correctly. It’s completely possible for Medicaid to request additional documentation before they will approve you for coverage. You’ll need to submit the requested documentation within the allotted time period, or they will deny you coverage.
Medicaid will do a five-year lookback of your financial history. If they find that you’ve transferred high-value assets out of your name, they can deny you coverage. It’s best to consult an attorney to learn what is considered a high-value asset in your state.
Being denied Medicaid coverage happens to a lot of people. Taking the proper time to undergo the Medicaid planning process can help to set you up for a smoother approval process.