Medicaid Planning Law Firm | Raphan Law Partners, LLP

Medicaid Planning

Medicaid Planning is simply a way to protect your assets, for your spouse, children, or loved ones and use government Medicaid funding for your health needs--whether for home care or a nursing home.

The Medicaid application process.

Depending upon the program for which you are applying, different information may be required. All Medicaid applications, regardless of benefits sought, require extensive personal documentation and detailed proof of income. Certain programs require proof of assets and sixty months of records for all assets held during that period. Read this brochure from the New York State Bar Association to understand why an Elder Law Attorney should handle this intricate Medicaid Application process.

[Click to read.]

Nursing Care costs.

It's a hot topic in Elder Law these days. Seniors and their family members are realizing they may have considerable assets and that the assets they intended for their spouse or family may not be there if their health deteriorates and long-term care is needed. In the New York area it can cost from $60,000-$180,000 a year depending on the level of care needed. Most people end up paying for nursing home care out of their savings until they run out. This leaves no money or little resources left for a spouse, children or even grandchildren. It may also conflict with the wishes of your Will to leave assets to a charity or loved one.

What are some ways to protect assets?

Some of the more common ways to protect your assets may involve the use of Trusts, Transfers of Assets, Title Transfer, Gifting to loved ones, or increasing income and resource allowances for the healthy spouse.

Every individual has different needs and circumstances and should be advised by an attorney. The end result can mean significant financial savings or better care for you or your spouse.

• READ ABOUT KEEPING MONEY FOR YOUR SPOUSE >

Top 8 Medicaid Planning Mistakes:

If you've made some of these mistakes, it's not too late to correct your actions--or inaction. Read on...

Can Life Insurance Affect Your Medicaid Eligibility?

In order to qualify for Medicaid, you can’t have more than $2,000 in assets (in most states). Many people forget about life insurance when calculating their assets, but depending on the type of life insurance and the value of the policy, it can count as an asset.Life insurance policies are usually either “term” life insurance or “whole” life insurance. If a Medicaid applicant has term life insurance, it doesn’t count as an asset and won’t affect Medicaid eligibility because this form of life insurance does not have an accumulated cash value. On the other hand, whole life insurance accumulates a cash value that the owner can access, so it can be counted as an asset. Click to read the full article>