Unfortunately, long term medical care for seniors is costly. Families without proper planning may face monthly costs upwards of $10,000. Planning for long term medical care has therefore become necessary to preserve assets. Often times this kind of planning is referred to as Medicaid planning and is a common tool in Elder Law.
What is Medicaid?
Medicaid is a joint federal and state program that provides medical assistance for an individual who meets both financial and health eligibility requirements. Medicaid may cover the cost of home care assistance and nursing home care.
Who qualifies for Medicaid?
In New York, an individual over the age of 65 applying for Medicaid may not have more than $14,850 in total resources. Some examples of assets that may not count toward the allowed amount of $14,850 are your primary residence and prepaid funeral agreements. Additionally, an individual applying for Community or Home Care services has an income limit of approximately $800. Since most individuals earn more than $800 in monthly income, pooled income trusts are used to protect "excess income." Nursing home applicants without spouses will have to contribute his/her income to the nursing home pursuant to Medicaid guidelines. While applicants with spouses face different rules depending on their income situation.
How can I qualify for Medicaid?
Medicaid planning is the process of organizing your real property and finances so that these assets may be passed along to your beneficiaries. The plan allows individuals to qualify for Medicaid benefits, which will assist in paying long term medical costs.Every situation is different; our office can assess your situation and make appropriate recommendations. We are here to help if you require immediate assistance or would like to plan for the future. With over a decade of experience, Claudia Salazar understands Medicaid regulations and will ensure that your plan fits your needs. Call today for your free consultation.