Medicaid is a means tested government program. A person is only entitled to Medicaid if they meet certain strict income and asset requirements. The income and asset requirements vary by state, and further vary by program. The following will discuss how retirement accounts are treated when a New York State resident is receiving Medicaid long … Read More
Millions of Americans May Lose Their Medicaid Coverage in the Coming Months
Medicaid’s temporary pandemic rules have ended as of April 1 which will mean termination of coverage for millions of Americans in the coming months. Medicaid, the government-provided health insurance that an estimated 85 million Americans are on, is a means-tested program. In order to qualify for Medicaid, there are specific resource and income rules that … Read More
Do I Have to Transfer Everything into a Medicaid Asset Protection Trust?
Some people are aware of the concept of Medicaid planning but are very reluctant because they are not ready to transfer their assets into a trust or as some put it, “give all their assets over to their children.” Medicaid planning is not all or nothing. A Medicaid Asset Protection Trust is an irrevocable trust … Read More
Update! Medicaid Community Care Lookback Further Delayed
October 2022 Update Update on the Community Medicaid Lookback! New York State Department of Health has announced that it will not be implementing the Community Medicaid 30-month lookback earlier than March 31, 2024. In alignment with the requirements under the American Rescue Plan Act relating to Home and Community Based Services, as well as the … Read More
What is the difference between a Medicaid Asset Protection Trust and a Pooled Income Trust?
Medicaid has strict limits on the amount of money a Medicaid applicant and his or her spouse can have (resource limit) in order to qualify for Medicaid long term care benefits, as well as specific income limits while receiving services. (See Medicaid Eligibility Limits for specific figures.) In New York State, Medicaid Asset Protection Trusts … Read More
Medicaid’s Effort to Provide for the Community Spouse
When the higher income earning spouse needs nursing home care, the spouse that remains home is often concerned how they will pay his or her expenses. While not very robust in today’s economy, Medicaid does have some protections of income for the healthy spouse or what is known in Medicaid parlance as the “community spouse.” … Read More
Nassau County Votes to Eliminate Property Verification Fee
The cost of protecting your home may become a bit more affordable in Nassau County. On Friday, October 1, 2021, the Nassau County legislature voted to eliminate $106 million in real estate and traffic fees. The fees to be eliminated includes the hefty $355 fee for each “tax map verification” letter required by the county … Read More
Transfer Beware. Transferring Assets to Qualify for Community Medicaid Services is Not So Simple After All.
In order to qualify for Medicaid Home Care or Assisted Livings Services, known as “Community Based Services”, a person cannot have non-exempt assets (or “resources”) greater than a specific dollar amount. In New York, for 2023 the resource limit is $30,180. Until the Community Medicaid lookback is implemented (expected to be implemented no earlier than … Read More
