The Medicaid program is a state-funded health insurance program that provides assistance for low-income people who need long-term care. It covers the costs of nursing homes, assisted living facilities, and home care services.
Getting Medicaid can be complicated, and the application process is often time-consuming. In addition, the eligibility rules and benefits vary between states.
A Medicaid planner helps seniors navigate this complex program. They help individuals understand their assets and income, and they provide guidance for obtaining all available benefits.
Planning Typically consists of preparing documentation to ensure the greatest chance of obtaining approval from Medicaid. It includes creating trusts, managing asset transfers, and converting countable assets into exempt assets to ensure eligibility.
During the plan-making process, many weeks may be required. During this time, the client's family and their legal representatives will be interviewed, financial records and documents analyzed, and a comprehensive financial analysis completed. Then, a strategy is developed and implemented.
SIB is a term used to describe the rules that apply when an applicant has more than one spouse. Those rules limit the amount of money that can be transferred to a non-applicant spouse during the period of time that they are receiving care assistance.
These rules can have a dramatic impact on an applicant's ability to maintain his or her quality of life, and they often result in the applicant being forced to spend the majority of their assets and give away much of their inheritance to cover the cost of care.
The penalties that can accompany this situation range greatly, depending on the state and how much an individual has given away. Regardless of the circumstances, these penalties can take years to overcome.
Often, the non-applicant spouse will have little or no assets to use for their needs during this period of time. It is a very difficult and stressful time for both the couple and their adult children.
A good Medicaid planner can assist in minimizing the negative impact of this situation. A Medicaid planner will prepare a plan to preserve the assets of the non-applicant spouse, and he or she can advocate for the spouse at the hearing and work with the applicant's lawyer to reverse an adverse decision.
In most cases, a planner will have a strong knowledge of the Medicaid program and the laws that govern it. This will help to avoid the costly and often unnecessary consequences of an improperly prepared application or denial at a Medicaid hearing.
Most seniors who need long-term care will likely qualify for Medicaid coverage at some point in their lives, but not without advanced planning. Unfortunately, most seniors are not financially prepared to meet the strict income and asset requirements for eligibility.
Many New York residents who are elderly or have a spouse or loved one who is disabled face a difficult decision: whether to spend their assets to pay for nursing home care or try to qualify for Medicaid assistance. The expense of long-term care is so high, that it can quickly wipe out a family’s savings if they do not have proper planning in place before the need arises.
In order to help families preserve their wealth for heirs, we offer Medicaid planning strategies and asset protection planning services in the New York area. If you are facing a long-term care planning issue, please contact us for an initial consultation to discuss your unique situation and to learn more about your options.
Getting proper long-term healthcare is critical for all of us, but it can be particularly expensive in New York and other states. As a result, the majority of people do not have a plan in place for how they will meet their medical needs once they become sick or injured.
For those who are facing a medical issue, the first thing to do is speak with an experienced Medicaid Planning Attorney in Brooklyn. Depending on the age of the person and the medical issues, they may need long-term care insurance or a Medicaid Asset Protection Trust to cover their healthcare costs.
A MAPT is a special type of exempt trust that allows an individual to deposit their surplus income or assets so that the excess money remains with them instead of being disregarded by Medicaid when they apply for benefits. This can allow an individual to stay below the maximum income and asset limits, which is the key to obtaining Medicaid benefits.
When someone applies for Medicaid, they are subject to a look-back period that is 5 years before the application. This means that any transfer of assets during this time will be reviewed by the Department of Human Services and potentially disqualify them from receiving Medicaid benefits in the future.
We help you avoid this problem by providing quality legal services to help you shelter your assets. Rather than selling your property, giving it away, or “spending down” your assets, a qualified NY Medicaid planning/asset protection attorney can create a MAPT to safely deposit the excess money, and preserve your income for you so that you do not fall into Medicaid’s look-back period when you apply for benefits.
In addition to our experience with Medicaid planning, we also assist clients in preparing and implementing comprehensive estate plans that help to ensure that their wishes are carried out upon their death. This can include the establishment of a trust to hold their assets and their children’s inheritance, and the development of a durable power of attorney to manage their daily needs.
Medicaid is a federal/state program that covers medical costs for many people with limited income and resources. It also offers benefits not covered by Medicare, like nursing home care and personal care services.
Unlike Medicare, which is solely funded by the federal government, Medicaid is a means-tested social welfare program that states use to help low-income families and individuals get health care. The program provides free or affordable coverage for children, parents, pregnant women, the elderly, and those with disabilities.
The program is divided into a number of different types, each with varying eligibility requirements. You can find out more about each type by visiting your state’s website or calling your local Medicaid agency.
Eligibility rules vary by state, but in general, you may be eligible for Medicaid if you are a U.S. citizen or qualified non-citizen (such as a refugee) and you meet other eligibility requirements, such as a low income.
You can apply for Medicaid through the Health Insurance Marketplace or directly with your state’s Medicaid agency. Your application will be reviewed and if you qualify for Medicaid, a representative from the health plan will contact you to help you enroll in a plan.
Your family size is a big factor in your Medicaid eligibility. For example, if you have a child under age 1, your household income must be at or below 133% of the Federal Poverty Level to qualify for Medicaid.
If you are a pregnant woman, you must have a total family income below 200% of the Federal Poverty Level to qualify. You can check your family income on the following table to determine if you qualify for Medicaid:
The eligibility criteria for each type of Medicaid are different, but they usually include being a U.S. citizen or qualified alien and meeting other income and asset requirements.
Depending on the state, you can also receive your medical services through a Managed Care Organization. These organizations work with a network of providers to provide comprehensive healthcare services at a reduced cost. They also accept the risk of managing their members’ total costs.
You can choose to enroll in a Medicaid-managed care plan by completing an application and providing some information, including your doctor’s name and address. The state will then send you a packet of information on different MCO plan options. You can then decide which one works best for you.
Once you’re enrolled in an MCO, you can start using your health insurance benefits to pay for your medical bills. The benefits can be used to cover doctor visits, hospital stays, and other medical needs.
If you need additional support or need to apply for other programs, you can visit your local community health center. They will help you with your paperwork and connect you to other resources, such as counseling.
The cost of Medicaid coverage varies by state, but it’s free or low-cost for most beneficiaries. You can also apply for a premium subsidy through the Health Insurance Marketplace if you qualify.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St, Brooklyn, NY 11232, United States
(718) 713-8080