The right Medicaid planning attorney in New York can go a long way towards helping you achieve your goals. Bear in mind that a primary residence as well as some other types of assets do not count in order for you to qualify financially for Medicaid. Other assets that may not count towards the $14,850 limit are prepaid funeral/burial plots and some life insurance policies.
Medicaid is a state and federal program that pays nursing home costs for individuals who meet both the health and the financial eligibility requirements.
A single applicant is limited to own no more than $14,850 in 2017, in what are considered non-exempted assets, in order to qualify for Medicaid. Understanding how advanced Medicaid planning can help to accomplish your goals and to ensure that you are compliant with all Medicaid-associated restrictions is important.
Those individuals who require services in the form of a health care, nursing home, assisted living facilities, and long-term care at home may be eligible to receive Medicaid benefits, depending on the individual case at hand.
The Medicaid eligibility in New York is quite different from other states: pension plans, life estates, and IRAs are all treated in a more favorable manner in New York, than in other states. Certain Medicaid planning techniques may be recommended to you with the help of a knowledgeable Medicaid planning lawyer in New York.
Assets like life estates, qualified pension plans and IRAs should all be considered carefully. The results in your Medicaid planning may vary from county to county. Since the Medicaid rules are different from one state to another, it is important to hire an attorney who has experience in New York and who is familiar with the workings of Medicaid.
One common method to approach Medicaid planning in New York is through the use of trusts. Bear in mind that not every trust will shield assets against nursing home costs.
A living trust, for example, doesn’t protect assets inside the trust and therefore, does not assist you in qualifying for Medicaid. A pooled trust has to be properly drafted in order to guard against nursing home expenses and it must in the form of an irrevocable trust.
Living trusts are not irrevocable trusts and therefore, do not provide the appropriate protection against nursing home costs.
Mistakes on any Medicaid application in New York can be catastrophic. If you sold a home to a child for lower than fair market value or attempted to transfer assets, a Medicaid application even submitted just a few days too early could disqualify you for months or years.
Finding a leading law firm experienced with New York Medicaid planning and Elder law in advance can help you to determine the assets that may currently disqualify you from Medicaid as well as some strategies that can assist you with appropriate qualifications.
Plans that were created and implemented to protect assets in the past but didn’t cover you should be re-evaluated by a Medicaid planning attorney. Medicaid planning must be approached as a detailed legal process involving the right attorney so as to structure your property such that any assets go to organizations, people or family members that are important to you, instead of being decimated for the purpose of the nursing home bills that Medicaid may be eligible to cover.
Recently, the lookback rule was expanded to cover all activity taken in the last 5 years and this could be used to disqualify you from receiving Medicaid currently.
Many people who are anxious to initiate their Medicaid application are in a crisis situation and require it for assistance with nursing home or other medical costs.
Do not allow yourself to be subjected to a mistake that could cost you your ability to get help. Medicaid planning can also be used to access Medicaid home care services within New York.
Legal techniques such as caregiver and life estate agreements can help to conquer this goal, while also making the application process for Medicaid faster and quicker. Many New York families who plan on becoming snow birds will also want to schedule a consultation with a knowledgeable New York Medicaid planning attorney who has experience in handling these complex situations.
The right time to do Medicaid planning is well in advance of a crisis event, prior to entering the nursing home. This also assists you because time works in your favor and you also have the necessary capacity. However, it is never too late to plan and you can always benefit from scheduling a consultation with a New York Medicaid lawyer / Elder Law Attorney.
The lookback rules in Medicaid can change, and therefore you need a New York Medicaid planning attorney who has extensive experience in this field, who can assist you.
Consulting with a lawyer now can give you a great deal of peace of mind about your future.
Both Medicaid and Medicare enable individuals to get access to medical care/health care services, but there are crucial differences between these programs.
Medicaid is for individuals with lower incomes and covers people of all ages so long as they meet the requirements.
Medicare is a program that only enables coverage for seniors and Medicare is not a means-tested program.
If you need nursing home care or have other medical bills that you are concerned about being able to cover, it is important to identify whether or not you can get Medicaid.
The key criteria that impacts whether or not you are eligible includes:
There is a limit to the amount of assets that you can still own when trying to get particular kinds of Medicaid benefits, such as those benefits that are eligible for seniors aged 65 and over.
If you have assets beyond the limit, you will not be able to get Medicaid to pay for your nursing home services or any other health care costs until you have spent down the wealth.
SS, the social security administration may provide you with disability benefits in the form of monthly income.
You need to understand the rules for trying to get medical coverage when you are on each type of program. If you are getting SSDI, your income may be too high to qualify for Medicaid and the levels of resources you own may also be too high, since SSDI is not a needs based program.
If you are currently receiving SSI due to a disability, you can usually get Medicaid benefits.
The majority of seniors could benefit from a Medicaid planning attorney to endeavor to protect assets in the event that they require nursing home care.
When you enter a nursing home, Medicaid is unlikely to pay unless you need skilled medical services and you will be unable to receive any Medicare advantage plans or private insurance companies to pay, because there is so little coverage available for nursing home care.
This means you will be responsible for paying for nursing home care out of pocket and this can be extremely challenging.