Is it true or false that an individual can have $2500 in a revocable burial savings account and still qualify for Medicaid benefits in a nursing home?

An individual can indeed have a revocable burial savings account up to $2,500 and still qualify for Medicaid benefits in a nursing home. In Florida, Medicaid has provisions that allow for certain types of non-countable assets, which may include revocable burial accounts intended for end-of-life expenses. This means that when assessing financial eligibility for Medicaid, these accounts do not count against the resource limits that determine qualification for benefits.

Medicaid’s rules are designed to protect individuals’ rights to maintain some reasonable savings for funeral expenses, which is why this type of account is treated differently than other assets. It allows individuals to set aside funds specifically for burial purposes without negatively impacting their eligibility for necessary health care services in a nursing home setting. This highlights the importance of understanding asset exclusions in Medicaid planning and how they can help individuals appropriately prepare for future long-term care needs while maintaining access to vital services.