Medicaid
Given the changes to Community Medicaid, there are still a few unknowns regarding how New York State will handle certain issues. In April 2020, the State passed a new thirty-month lookback for all Community Medicaid applicants. The law was written with an effective date of October 1, 2020. This means any transfers or gifting from […]
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*updated February 5, 2021 If the spouse living in the community executes a Spousal refusal form, the community spouse’s assets are not used in calculating the asset eligibility of the medicaid applicant. If one spouse requires nursing home care, the community spouse does not need to spend down all his or her assets and become […]
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What is Immediate Need Medicaid? Immediate need Medicaid is an expedited application process to receive long term care at home paid for by Medicaid. Unlike the standard Medicaid application process, which can take approximately 6 months to receive services, those applying for immediate need Medicaid tend to receive care at home within one month of […]
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When both spouses need long term care, they can apply together for Community Medicaid provided that they qualify as a “dual applicant.” As a couple applying for Community Medicaid, the spouses cannot have more than $23,100.00 in total countable resources. This typically includes bank accounts, brokerage accounts, non-qualified annuities, stocks, bonds and cash value of […]
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Community Medicaid, also known as homecare Medicaid, is not limited to care in one’s current home. A person is eligible for Community Medicaid so long as they reside in New York, do not require a skilled nursing facility, and meet the financial eligibility requirements. Applicants applying for Community Medicaid can have up to $15,750 in […]
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The Medicare program is administered jointly by the state and federal government. Medicare is available to adults 65 years of age and older, or to anyone under the age of 65 who is entitled to Social Security Disability. Medicare provides varying levels of medical coverage, depending on the plan you have. Medicare Part A and […]
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When someone enters a nursing facility for long term placement, there are several ways the Chronic Medicaid program can treat the primary residence. Usually the primary residence is a “countable asset” for the Medicaid applicant and needs to be sold. However, there are some exempt transfer and planning techniques that can preserve the primary residence. […]
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A common misconception is that spouses have full access to each other’s finances, but this is not the case. Retirement accounts, pensions, and other assets in one’s individual name cannot be accessed by a spouse unless that spouse has been authorized to do so under a valid Power of Attorney. Medicaid recipients with retirement accounts […]
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Gifting and Medicaid planning is commonly misunderstood. We often see clients who believe that the gifting rules for Medicaid are the same as the IRS gifting regulations. The IRS allows a person to give up to $15,000.00 per person annually without penalty. Under the Code, all gifts made in any given year are subject to […]
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A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes. This is because the grantor of a revocable trust has full control of and access to the money and property in the trust, and thus can utilize those […]
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