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.
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.
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>
Where do I begin?
First, it's best to get informed. Understand enough to see if Medicaid Planning may be helpful to you. Perhaps attend one of our free seminars. Talk the idea over with your adult children or close family members. Then call us for a free consultation. With our vast experience in this field and the expertise at our firm you should be able to save and protect a considerable amount of your hard earned money for reasonable costs. With over 25 years experience we have also streamlined ways to keep costs down. If you have any general questions we'll be glad to answer them for no fees at all. To read about "community spouse" allowance click here.
NEW YORKERS FOR
OVER 25 YEARS"
If you have further questions
about Medicaid, email
or call 212-268-8200
“Brian- I want to thank you again for making everything so easy for me and
for being so thorough. I really have peace of mind about whatever happens in
the future." -Lillian
Download a FREE GUIDE to Medicaid Eligibility, click here.
Call us today to see if Medicaid Planning is right for you at
Key facts for 2014: NY
Community Spouse Resource Allowance (CSRA): Minimum: $74,820
Increased CSRA: Permitted.
New York does not follow the income-first rule.
Annuities: Actuarially sound annuities are permitted. Monthly Maintenance Needs Allowance: Minimum: $2,931 Maximum: $2,931
Home Equity Limit: The state Medicaid program will not cover long-term care services for those with home equity above this limit, with certain exceptions. $814,000