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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Question: My mother has an irrevocable trust she set up for Medicaid planning purposes. My sister is the trustee and she is paying moms bills from the trust. Is that correct? Answer: No, if the irrevocable trust was set up properly to protect your mom’s assets in case she needs long term care from the […]
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Spousal Refusal allows the spouse living in the community to refuse to use his or her assets in calculating the eligibility of the spouse applying for Medicaid long term care. If one spouse requires nursing home care, the community spouse does not need to spend down all of his or her assets and become impoverished […]
Read MoreQuestion: My mother applied for Chronic Care Medicaid to cover her stay in a nursing home facility. At the time of her application she had an individual retirement account (IRA) in the amount of $11,000.00 and $2,000.00 in her bank account. I was informed that the resource allowance for Medicaid is $15,900.00 (2021). However, my […]
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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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*Updated 2021 In order for an Irrevocable Medicaid Trust to be considered “exempt” for Medicaid purposes, it must provide that no principal distributions can be made to the grantor. This requirement ensures that the recipient did need Medicaid to cover the cost of her long term care, whether at home or in a nursing home […]
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Question: My parents set up UTMA and 529 College Savings accounts for my children. I am not sure exactly what effect these accounts have on their financial aid in the future or whose assets they are if my parents need nursing home care. Answer: UTMA, or the Uniform Transfer to Minors Act are custodial accounts […]
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Question: My mother has a trust that protects her house in case she needs long term care in a nursing home. Is this legal? Also, when she dies the trust is paid to another trust for me. Do I need this? I am only 53 and my mother is 75. Answer: I assume what you […]
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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 $40,821.00 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 $27,216 in […]
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