Medicaid planning involves structuring your finances and assets to meet the eligibility requirements for Medicaid, a government program that helps cover medical and long-term care costs for low-income individuals.
Who is eligible for Medicaid in New York?
Eligibility for Medicaid in New York is based on income and resources. Generally, individuals must have limited income and assets to qualify. Specific eligibility criteria can vary based on factors such as age, disability status, and family size.
How can Medicaid planning benefit me?
Proper Medicaid planning can help protect your assets while ensuring you qualify for Medicaid benefits, which can cover substantial medical and long-term care expenses. This can be particularly beneficial for elderly individuals and those with significant healthcare needs.
What is the look-back period for Medicaid in New York?
New York has a 60-month (5-year) look-back period for Medicaid. This means any transfers of assets for less than fair market value within five years of applying for Medicaid can affect your eligibility and may result in a penalty period.
Can I keep my home and still qualify for Medicaid?
Yes, under certain circumstances, you can keep your home and still qualify for Medicaid. However, Medicaid may place a lien on the property to recover costs after the applicant's death. Planning strategies can help protect your home from such liens.
Should I consult a professional for Medicaid planning?
Yes, consulting with a professional, such as an elder law attorney or a Medicaid planner, is highly recommended. They can provide expert guidance tailored to your situation, helping ensure compliance with Medicaid rules while protecting your assets.
