Many parts of New York residents’ lives revolve around their finances. Even if money is not the direct issue, a problem could arise that may result in expenses that will need addressing. In particular, older people may be at risk of suffering health issues that could result in the need for financial assistance through Medicaid.
Because everyone does not immediately qualify for this assistance program, they may need to take steps to help themselves meet certain requirements. A spend down can sometimes help individuals transfer their assets in order to be in a more favorable financial position when it comes to applying for Medicaid. However, officials for the benefits program tend to do a five-year look-back, and if any suspicious asset transfers took place during that time, the applicant could face penalties.
Of course, many older people do not have the financial know-how to address many of their concerns. They may also not realize that the state of their health will dictate much of their life decisions. In fact, approximately just one-third of older individuals have plans in place for handling health and financial decisions.
Without a plan, a lot of important decisions could be left up to chance when a person suffers from a serious medical condition. Fortunately, New York residents can take the time to have their questions answered and to explore planning options that could help them potentially obtain assistance through Medicaid. Enlisting the help of knowledgeable elder law attorneys could be wise for obtaining reliable information.