Medicaid Planning in New York

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Learn more about Medicaid basics, the fiver year look back period and how Medicaid planning in New York can help you deal with long-term care costs.

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Medicaid Planning in new york:

Medicaid Planning in new york

The Need for Long-Term Care:

The Need for Long-Term Care

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The average life expectancy of an American has increased about 30 years in just over a century

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We still face the same age related medical problems as we age

ALZHEIMER’S alone is now the 6th leading cause of death in the United States:

ALZHEIMER’S alone is now the 6th leading cause of death in the United States

1 in 3 seniors will die with the Alzheimer’s or a similar disease:

1 in 3 seniors will die with the Alzheimer’s or a similar disease

2 in 5 seniors will need long-term care at some point:

2 in 5 seniors will need long-term care at some point

By 2050, experts estimate that the number of people using long-term care services will be around 27 million – double the number who were using long-term care in 2000:

By 2050, experts estimate that the number of people using long-term care services will be around 27 million – double the number who were using long-term care in 2000

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Why You May Need Medicaid

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In New York, 1 in 5 seniors depends on Medicaid Neither Medicare nor most private healthcare policies cover long-term care In New York City, the average cost of a year of long-term care is $136, 200 Medicaid does cover long-term care costs

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New York Medicaid Basics

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MEDICAID is intended to provide healthcare coverage for low income individuals and families

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Medicaid is primarily federally funded but state administered

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Applicants must meet income and resource guidelines to qualify

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In New York, a senior applying for Medicaid cannot have countable resources of over $ 14,550 ($ 21,450 for a married couple) as of 2014

Income and resource limits are slightly different for long-term care benefits depending on the applicant’s circumstances:

Income and resource limits are slightly different for long-term care benefits depending on the applicant’s circumstances

Not all assets are countable resources:

Not all assets are countable resources

A home, vehicle and personal belongings, for example, ARE USUALLY EXEMPT:

A home, vehicle and personal belongings, for example, ARE USUALLY EXEMPT

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Five Year Look-Back Period

Medicaid employs a five year “look-back” period when evaluating an application:

Medicaid employs a five year “ look-back” period when evaluating an application

Typically, the value of the asset transferred during the look-back period is attributed to the applicant as if the transfer was never made:

Typically, the value of the asset transferred during the look-back period is attributed to the applicant as if the transfer was never made

If your assets exceed the program limit as a result of transfers made during the look-back period, you will incur a penalty period:

If your assets exceed the program limit as a result of transfers made during the look-back period, you will incur a penalty period

Length of the penalty period is calculated by dividing the value of the asset by the average monthly cost of long-term care in your area:

Length of the penalty period is calculated by dividing the value of the asset by the average monthly cost of long-term care in your area

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Medicaid Planning

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At this point you likely have a better understanding why Medicaid Planning is so important

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Starting early is the key to ensuring that you will qualify for Medicaid benefits to pay for long-term care should you need it at some point in the future

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Medicaid planning is perfectly legal

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However, the laws are complex and ever-changing which is why you should depend on your estate planning attorney for guidance and assistance when creating a Medicaid plan

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Learn More About Supplemental Needs Trust in New York Learn More About Medicaid planning in New York

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www.bartonlevine.com (888) 268-4425 Law Offices of Barton P. Levine

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