Medicaid Planning in New York

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Medicaid Planning in new york
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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
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ALZHEIMERS alone is now the 6th leading cause
of death in the United States
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1 in 3 seniors will die with the Alzheimers or a
similar disease
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2 in 5 seniors will need long-term care at some
point
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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
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Income and resource limits are slightly
different for long-term care benefits depending
on the applicants circumstances
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Not all assets are countable resources
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A home, vehicle and personal belongings, for
example, ARE USUALLY EXEMPT
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Five Year Look-Back Period
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Medicaid employs a five year look-back period
when evaluating an application
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Typically, the value of the asset transferred
during the look-back period is attributed to the
applicant as if the transfer was never made
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If your assets exceed the program limit as a
result of transfers made during the look-back
period, you will incur a penalty period
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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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Law Offices of Barton P. Levine
www.bartonlevine.com
[phone]