You've lived in your home for decades, and now that you're getting older, it is time to make some difficult decisions with respect to your estate and/or Medicaid planning. You wish to protect your home for your loved ones should you require long-term care in the...
Preserving & Protecting Your Family’s Assets & Legacy
Medicaid Planning
The importance of early Medicaid planning in New York
Delaying Medicaid planning can have a dramatic effect on one's estate. If done poorly or not at all, there may be nothing left of your hard-earned assets to pass on to loved ones. It can also be quite complex. Qualifying for Medicaid in New York often involves...
Use of a “pooled income trust” in connection with Community Medicaid
As you may know, as soon as you reach 65, you automatically are entitled to Medicare. Medicaid, on the other hand, is something you need to apply and qualify for. You might have heard about Community Medicaid limits on income and resources. For the purposes of this...
2024 New York Medicaid updates
For those New York residents who are in need of long-term care, New York State offers two Medicaid programs to cover the cost of such care. There is Community Medicaid, where the care is customarily administered in the person’s home by an aide, and Chronic Medicaid,...
If I get hurt in a nursing home, does the money count against my Medicaid eligibility?
A Medicaid applicant in New York cannot have assets in excess of $30,182 (2023). Under New York Public Health Law, if you are injured due to the negligence of a nursing home, any money you receive will NOT count against your Medicaid eligibility. This is true for both...
Medicaid look-back can be reduced to 57 months
Medicaid provides coverage for long-term nursing home care, but applicants must adhere to strict asset transfer rules. One such rule is the 60-month look-back period for Chronic Care (Nursing Home) Medicaid (see “What is the 5 Year Look-Back for Medicaid?"). However,...
Chronic Care Medicaid pays retroactively
Chronic Care Medicaid is a program that covers long-term nursing home care, subject to a 5-year asset lookback (see "What is the Five-Year Lookback for Medicaid?" for more details). The timing of the application submission for Chronic Care Medicaid is crucial. If the...
What is the Five-Year Lookback for Medicaid?
Medicaid is a government program that provides medical care to individuals with long-term health conditions. Many people who require chronic care depend on Medicaid to cover the high cost of nursing homes, which can be upwards of $18,000 per month on Long Island....
Substantial increase in Medicaid eligibility levels in January 2023
New York Medicaid asset and income limits for Long Term Care Medicaid are based on a percentage of the Federal Poverty Levels (“FPL”). On January 1, 2023, New York State will increase these percentages. This translates into substantial increases for both income and...
2023 New York Medicaid Updates
Please see our new post for 2024 Medicaid updates. For those New York residents who are in need of long-term care, New York State offers two Medicaid programs to cover the cost of such care. There is Community Medicaid, where the care is customarily administered in...
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