Attention New York State Residents: Do you want Medicaid to pay for your nursing home stay?
You may qualify for benefits and not even know it!
The average cost of nursing home care on Long Island is approximately $11,000 to $18,000 per month. Can you afford their fees?
If you answered “NO”, you are not alone. 6 out of every 10 people will have some form of Long Term Health Care need at some point in their lives. So how can you afford the care you may need.
The answer is simple. Start planning now!
Medicaid is the single largest payer of Long Term Health Care in the country, but you need to know the rules of Medicaid to successfully have them pay for your Long Term Health Care needs. Get more information here.
How Much Money And Income Am I Allowed To Keep In Order To Receive New York State Medicaid Benefits?
For the community spouse (healthy spouse) 2009 numbers:
- Resources: – minimum of $74,820 and a maximum of $109,560.
- Income: – $2,739 of the couple’s combined income.
For the institutionalized individual (person in a nursing home) 2009 numbers:
- Resources: – maximum of $13,800 of non-exempt assets.
- Income: $50 per month.
If the couple’s or single person’s resources exceeds $74,820 or $13,800, then the excess normally must be spent on the cost of care before Medicaid eligibility can be established.
Can I Legally Get Medicaid Benefits in New York Even If I Have More Than The Allowable Income And Resources/Are There Legal Options I Can Take?
Yes, one legal option is to transfer your assets.
By transferring assets to another person or to an irrevocable trust, you can protect all or part of your savings, but often times there can be adverse tax consequences and/or a penalty period of ineligibility. It is best to consult an attorney before making any transfers on your own.
Some transfers will not evoke a penalty period.
Under the Medicaid laws, a person in need of long term health care, or planning on the event that they may need long term health care in the future, can make the following transfers without a penalty period:
- To a Spouse
- To a Disabled Child
- To an Adult Child Living With Parent
- To a Dependent Relative Living With You
- To a Sibling Who is Living with You
Call the Law Office of Craig A. Andreoli, P.C. for a complimentary consultation. We can help advise you as to whether with, or without, proper planning you can qualify for New York State Medicaid benefits.
