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If your loved one needs care now or in the future, how do you pay for it? Britt Burner discusses nursing home Medicaid eligibility and requirements.

There are many misconceptions surrounding Medicaid long-term care. One persistent myth is that a couple will lose all of their assets if one of the spouses applies for Medicaid to pay for a nursing home.

Medicaid provides long term care coverage to eligible individuals who meet certain asset and income requirements. Many people do not realize that they can become eligible for Medicaid and preserve assets – even when their assets and income seem too high.

For New Yorkers receiving benefits under the long-term care Medicaid program, a life estate is a strategic estate planning tool. Maintaining a life estate can ensure that your home passes to your intended loved ones after your death.

Article 81 of New York’s Mental Hygiene Law allows a court to appoint a guardian to manage the personal and/or financial affairs of an individual deemed incapacitated. The court must find that the alleged incapacitated person (“AIP”) cannot appreciate the nature and consequences of their inability to handle such matters and that the AIP is likely to suffer harm if a guardian is not appointed.

Learn the importance of Estate Planning documents and the benefits of the Community Medicaid program which can allow its participants the ability to live independently in their homes.

Chronic Medicaid is a needs-based benefit that will cover room and board in a nursing home. When an individual is approved for Chronic Medicaid, the local Department of Social Services (DSS) determines the net available monthly income contribution (or “NAMI”).

Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors.

The simple answer is no. So long as the house continues to be your primary residence, Medicaid cannot put a lien on the home.