Preparing for long-term care is a crucial part of estate planning. For many New Yorkers, that means developing a plan for affording nursing home care or home health care in their later years. Government programs like Medicaid help individuals afford these crucial services. However, Medicaid has strict financial eligibility criteria that disqualify many individuals without proper preparation. A Medicaid planning attorney from Amoruso & Amoruso LLP can identify strategies to protect your access to Medicaid benefits for when it’s time for long-term care.
What Is Medicaid Planning?
Medicaid planning involves developing a legal strategy to protect your eligibility for Medicaid or other means-tested government benefits as you age. Many people may have income or assets that would disqualify them from Nursing Home or Home Medicaid, but not enough financial resources to afford the level of care they may eventually need.
Medicaid planning leverages various legal tools to help individuals or couples meet the financial requirements of the Medicaid program while preserving as much of their wealth as possible. A Medicaid planning lawyer can help individuals and families identify appropriate solutions based on their financial circumstances and medical needs.
Eligibility Requirements for Medicaid in White Plains
People in White Plains must meet specific eligibility requirements to qualify for Nursing Home or Community (Home Care) Medicaid. First, an applicant must be a New York resident, a U.S. citizen, a permanent resident, or a legal alien to apply for state Medicaid program benefits. They must also meet other criteria, such as being:
- Age 65 or older
- Disabled or living with a disabled family member
- Pregnant
- Responsible for a child 18 or younger
Applicants also must meet financial criteria, which include being below the income threshold for Medicaid and owning assets with a total value less than the current Medicaid resource thresholds. Income thresholds also depend on the number of people in the applicant’s household. The asset and income thresholds change annually in response to inflation.
Medicaid Asset Protection Strategies
Medicaid asset protection strategies rely on trusts and asset transfers to help individuals or couples qualify for Nursing Home or Community Medicaid benefits. For example, a Medicaid Asset Protection Trust (MAPT) can remove assets or income from your estate, helping you stay below the income and asset thresholds for Medicaid eligibility while also preserving those assets for the benefit of your spouse and family members.
Medicaid planning can protect individuals’ and families’ assets most effectively when such planning occurs as early as possible. New York Medicaid rules employ a five (5) year lookback policy to determine
whether an applicant transferred away assets or income within that period before applying for Nursing Home Medicaid which could disqualify them from receiving benefits. Home Care Medicaid has no lookback period as yet, but that is expected to change in 2025.
Contact Us for Your Consultation with a White Plains Medicaid Planning Lawyer
Planning for long-term care in New York is crucial, especially if you anticipate needing assistance covering the cost of home health or nursing home services as you age. Medicaid planning can give you the means to qualify for the care you need when you need it while preserving a portion of your assets to support your spouse and family. Contact Amoruso & Amoruso LLP today for an initial consultation with one of our experienced Medicaid planning attorneys.
