Long-term care costs can be overwhelming for anyone, but especially for seniors. Medicaid, a joint federal-state program, helps cover these expenses for those who meet both the financial and health eligibility requirements. The process of applying for Medicaid is complicated, and a small error can lead to the denial of coverage. Fortunately, with the help of an experienced Medicaid lawyer Long Island, it is possible to protect assets and qualify for benefits.
A Medicaid lawyer Long Island can help with the complex application process. They can also protect assets from Medicaid estate recovery by using specialized trusts, notes, and annuities. This is important because the state’s laws regarding asset protection are continually changing. An experienced Medicaid lawyer Long Island will stay up to date on these changes and be able to utilize the best strategies available to their clients.
When Should I Consider Medicaid Planning?
A good time to consider Medicaid planning is well before a person needs to apply for long-term care. The application process can be lengthy and complicated, and a skilled Medicaid lawyer Long Island will be able to help with the paperwork and ensure that all the necessary documents are in place. An attorney can also help a client with the “spend down” process, which is required when one’s countable assets exceed the Medicaid limit.
In general, an individual must have no more than $2,000 in their bank account(s) in order to be eligible for Long Term Care Medicaid. However, there are a few other factors that can come into play. For example, if a person gives away or sells assets for less than their fair market value before they apply for Long Term Care Medicaid, the Medicaid applicant may have to serve a penalty period. This period is equivalent to the amount of time that it would take for them to be eligible for long-term care Medicaid if they did not gift any of their assets.
Another thing to keep in mind is that the U.S. Gift Tax Rule, which allows individuals to gift up to $17,000 per recipient without a gift tax return, does not extend to Medicaid. Therefore, gifting assets to family members and friends is not a smart idea when it comes to qualifying for Long Term Care Medicaid.
There are also some complex eligibility rules, including a 60-month look-back period for institutional Medicaid (nursing home), 30 months for community-based Medicaid services, and several other restrictions. A qualified Medicaid lawyer Long Island is well-versed in the specific rules and regulations that apply to Medicaid eligibility, as well as the various exemptions that apply. They can also assist with executing transactions like deed transfers to avoid a lien on the property. Contact an experienced Medicaid planner today to learn more about protecting your assets and becoming qualified for long-term care Medicaid in Suffolk County, Nassau County, or anywhere else in the country.
With rising medical costs, the cost of nursing home care, and expenses associated with in-home health care, many families will require assistance in paying for long-term healthcare needs. In the state of New York, Medicaid offers significant financial support for those who need it during this time. However, obtaining this type of assistance is not easy without proper planning and coordination. Without this, you could potentially be forced to spend down your life savings or sell assets such as a home in order to qualify. If you are worried about these issues, please do not hesitate to contact a Medicaid lawyer Long Island at Schlessel Law PLLC today.
A Medicaid lawyer Long Island is someone who can help you arrange your assets in such a way as to avoid the need to sell or spend down assets. A qualified and experienced Medicaid planner can use strategies such as a revocable trust, gifting of assets to family members, purchase of Medicaid qualifying annuities, promissory notes, deed transfers, caregiver and life estate agreements, spousal refusal, and other legal techniques that can be applied to help you maintain eligibility for Medicaid.
New York State’s Medicaid program is both federal and state-administered and provides assistance for individuals who meet both the health and financial eligibility requirements. It is important to understand that this is a complicated process and that there are numerous rules, regulations, and penalty periods that must be followed in order to obtain eligibility. Any mistakes made during the application process can be catastrophic and could disqualify you for months or even years.
For example, an individual is limited to having only $14,850 in what are considered non-exempt assets in order to receive Medicaid benefits. This includes your primary residence, as well as a few other types of assets, such as prepaid funeral/burial plots and certain life insurance policies.
The reason why these restrictions exist is to allow Medicaid recipients the opportunity to have some personal wealth, while still being able to provide for their care needs during this time. The ability to have some of your own assets remaining can make all the difference in a family’s ability to stay together throughout this difficult time.
An experienced Medicaid lawyer Long Island can help you arrange your assets so that you can avoid the need to liquidate them in order to qualify for the program. This will save your family the stress of having to sell your home or other assets in order to pay for your care and may also avoid costly litigation over a home that is later subject to a lien by the state for repayment of Medicaid benefits provided.
If you are worried about the expense of long-term care, speak with a skilled and knowledgeable Medicaid lawyer Long Island at Schlessel Law PLLC today. Call now for a consultation, and let us show you how to protect your estate from the need to spend down your assets in order to qualify for Medicaid.