Planning ahead for long-term medical care can be daunting. Long-term care costs can be expensive, and at times financially devastating to a family. Home care can reach costs of up to $21,000 a year while nursing home costs on Long Island can go upwards of $140,000 annually. If you or a loved one needs long-term medical care, applying for Medicaid may be a good avenue to explore.
Medicaid is a US Department of Social Services program that provides financial assistance in paying for home aid or a nursing home for qualifying individuals. There are a lot of existing misconceptions about the difficulties of qualifying for Medicaid. A common misconception is that applicants need to run their finances to the ground to qualify. Medicaid requirements regarding household income are notoriously prohibitive.
If you or a loved one needs help in applying for Medicaid, our experienced Long Island Medicaid planning attorneys at Schlessel Law, PLLC can help. We can evaluate your eligibility status, assist you with the application process, and set up asset protection measures for your estate. We can help protect and exempt your assets should you need to apply for assistance.
To schedule an appointment, call us today at (516) 574-9630.
The local Department of Social Services decides upon an individual’s Medicaid eligibility.
To qualify for Medicaid in New York, you must be:
You must also be one of the following:
Your annual household income would also need to be evaluated by the state to determine whether you have Medicaid eligibility. For a household with one applicant, they must be earning a maximum of $18,075 per year to qualify. Income includes Social Security, any pension members of the household are receiving, retirement accounts, rental properties, and investments. Valuations of any real estate, businesses, savings, and insurance policies are also included in financial statements evaluated by the government.
Compared to Medicare which covers more urgent medical needs, Medicaid offers long-term care coverage. To maximize its benefits, it is important to consider planning for Medicaid before it is necessary, especially as an added factor to estate planning.
It will also be important to determine which kind of Medicaid coverage you require. For those in need of nursing home care, Chronic Care Medicaid provides aid to individuals who need long-term institutionalized care. Community Medicaid, on the other hand, is a program for those needing home care services. Each program has its own Medicaid eligibility requirements and applicants’ health needs must be evaluated.
Each case is unique and determining which program to choose can get complicated. Medicaid planning attorney Seth Schlessel has helped many families ensure their elderly loved ones are taken care of.
Contact Schlessel Law today to schedule a consultation on which Medicaid program would best suit your loved one’s needs.
New York imposes a 5-year Look-back period for Medicaid applicants for nursing home care. A look-back period is a duration in which your financial statements are examined by Medicaid evaluators. Under the look-back provision, the government can evaluate your financial statements for any irregularities. This look-back period can significantly impact your application for Medicaid. The look-back period for those applying under Community Medicaid in New York is currently (as of this article) 3 months, but will be switching to 30 months, any assets included in or transferred from your estate within this specified time will be considered part of your estate.
This requirement necessitates the careful planning of your estate to ensure that you can keep as many of your assets as possible while also keeping your eligibility for Medicaid. Seth Schlessel, an experienced Medicaid planning lawyer can provide you with guidance on how to navigate the look-back process. Attorney Schlessel can also bring your attention to any penalties that may come about when transferring assets from your estate.
Long Island estate planning attorney Seth Schlessel can also evaluate your financial situation and help determine the appropriate estate planning tool best suited to your case. Schlessel Law offers services that might save some of your assets and income while ensuring you continue to qualify for Medicaid.
Proper planning is crucial. Certain exemptions to the look-back period exist but determining your options and whether you qualify can be complicated. Estate planning attorney Seth Schlessel and the team of Long Island Medicaid planning attorneys at Schlessel Law, PLLC can help you avoid penalties resulting from the look-back period. We may be able to assist you in retaining your eligibility for Medicaid or in correcting any violations already committed.
An irrevocable trust allows you to transfer assets into a trust to be managed by a trustee. Trust assets remain separate from your taxable estate. However, you must give up control of the assets and ownership of the trust. Giving up rights to income also means giving up the ability to change any aspect of the trust.
Creating a trust is beneficial in Medicaid planning since trusts can protect assets from lawsuits, creditors, or government agencies that might have an interest in your estate.
A Medicaid Asset Trust is a type of irrevocable trust that can allow an individual to continue paying for nursing home care or other long-term medical expenses. Trusts are a powerful estate planning tool that can help you protect your assets should you need to apply for Medicaid assistance.
However, trusts are not a one-size-fits-all solution. Before you make decisions, it is important to speak with an experienced attorney. A skilled Long Island Medicaid planning lawyer can advise you whether an irrevocable trust would be the best choice based on your financial situation. Schlessel Law is an experienced Long Island law firm that can help you set up an irrevocable trust. Proactive planning in terms of irrevocable trusts can ensure your assets are protected from Medicaid’s look-back period.
A pooled supplemental needs trust (SNT) is a kind of irrevocable trust that can help you spend-down assets to qualify financially and/or maintain your eligibility for government benefits such as Medicaid. A pooled SNT allows people with disabilities to utilize excess funds they have deposited in the trust to utilize them when paying for expenses not covered by their government benefits.
A pooled SNT can help New Yorkers who have a disability, as defined by the Social Security Law, to continue being eligible for Medicaid without being penalized for excess funds under Medicaid’s look-back law.
A qualified Medicaid planning attorney can advise you whether a pooled SNT is the best fit for your situation. Long Island attorney Seth Schlessel can help evaluate your case and advise you on how to create an SNT that would serve your best interests.
Call Schlessel Law, PLLC today at (516) 574-9630 to schedule a consultation.
Long Island business owners seeking to enter long-term care due to retirement, disability, or illness might also want to explore business succession planning. Without advanced planning, you or your loved ones might be forced to liquidate certain assets to pay for medical expenses.
Assets such as businesses are also included in the things the government evaluates when determining Medicaid eligibility through the look-back period. Passing your business on to your beneficiaries might become more difficult the longer you wait.
Comprehensive estate planning is crucial in making sure you will be able to pass on your legacy to your loved ones and still maintain eligibility for government benefits. Attorney Seth Schlessel of Schlessel Law, PLLC can provide you with insight on how to ensure a smooth transition and succession of your business while continuing to qualify for Medicaid.
Experienced Long Island Medicaid attorneys recommend planning for long-term care before you need it. Because of New York’s look-back laws, becoming eligible for Medicaid may involve the difficult process of having to spend down your assets if proper planning is not done promptly.
Long Island Medicaid planning attorney Seth Schlessel of Schlessel Law has helped families and their loved ones through the firm’s estate planning, elder law, and Medicaid planning services. The firm has upheld its clients’ best interests in protecting their legacy and giving qualified legal advice. Applying for Medicaid and long-term care can be difficult and confusing. It is crucial to consult with an experienced and compassionate law firm that would prioritize your needs.
Call us today at (516) 574-9630 to schedule a consultation with our Medicaid planning lawyers.