Some New York residents may not think about the fact that they may one day need long-term care. However, it is common for individuals to need such care after reaching retirement age, and sudden accidents could take place that result in people of any age needing care. For this reason, it is important to consider long-term care options and information regarding Medicaid.
Though government benefit programs like Medicaid can prove immensely useful, users must first qualify for aid. In particular, individuals hoping to utilize this assistance for long-term care cannot have over $2,000 in assets. There are certain assets that go into consideration by agents when determining whether a person may be eligible for Medicaid benefits.
Some of the assets typically considered include funds in bank accounts, real property, stocks and bonds, extra vehicles and certificates of deposit. Individuals do not have to feel concerned about assets like a single motor vehicle, funds up to $1,500 earmarked for burial costs, personal property and household belongings. However, there are special considerations for a house or other personal residence. In most cases, if the equity of the home does not exceed $572,000, it is not counted.
Dealing with the financial aspects of qualifying for Medicaid can seem difficult. Fortunately, New York residents could work with their estate planning attorneys to help them determine whether they could plan ahead by protecting assets. In many cases, utilizing trusts or other planning tools could help individuals arrange their assets in a manner that could allow them to qualify for financial assistance in the event that long-term care is needed.
Source: dailyreckoning.com, “For Anyone Who Might End Up Needing Medicaid…“, Nilus Mattive, May 29, 2018