Did you know that someone turning 65 years old today has a 70 percent chance of needing long-term care in their remaining years?
Unless you have planned for long-term care costs, you will be expected to pay out-of-pocket for those services until you qualify for Medicaid. With limited exceptions, Medicare and other health insurance will not be enough to safeguard you or your assets when the time comes.
Are you ready to respond to an unanticipated crisis? Boylan Code can help you prepare for the future.
The Medicaid program is confusing and complex. Many myths continue to circulate, especially regarding the need to exhaust or “spend down” all your assets before the program pays for care. In this complex area of the law, there are planning strategies that can help you preserve assets while still taking advantage of Medicaid. The experienced attorneys and paralegals at Boylan Code can guide you through the eligibility requirements and application process every step of the way, ensuring the safety and security of your hard-earned assets and the coverage needed for you or your loved one’s long-term care costs.
What is Medicaid?
Medicaid is a government-run program that covers medical expenses for individuals who meet financial and health eligibility requirements. With some restrictions, Medicaid can cover long-term care at home, in assisted living facilities, and in nursing homes. Unfortunately, you are expected to pay out-of-pocket for your long-term care costs until you qualify for Medicaid.
Who is Eligible?
There are different eligibility standards for those seeking Medicaid in the community and for those seeking Medicaid in a long-term care facility like a nursing home.
For example, in order to be financially eligible for chronic care Medicaid in a nursing home, a single applicant in New York is only allowed to own $15,450 in non-exempt assets. Certain exempt assets are not counted, and the eligibility requirements are different for a married couple.
You do not have to spend your life savings to qualify for Medicaid. There are many planning techniques that can protect your assets and still allow you to qualify. It is never too late or too early to start planning for long-term care costs. There may even be opportunities to preserve some of your resources if you are already in a nursing home.
How We Can Help
If you believe you may be eligible for Medicaid, are interested in qualifying for Medicaid, or are ready to explore the asset protection strategies available to you, the attorneys and paralegals in our Wealth Protection and Transfer Practice Group are here for you. We are well-versed in the nuances and complexities of the New York Medicaid program and the asset protection strategies related to it.
We can assist you with the following:
- Examining your estate plan and assets
- Identifying your exempt and non-exempt resources
- Reviewing the Medicaid application process and the asset protection techniques available to you
- Tailoring a plan around your family’s unique circumstances
- Preparing and filing the Medicaid application