Medicaid has complex rules that govern eligibility for in-home health care and nursing homes. As a result, a review of your (or a loved one’s) assets is critical. Elder Attorney Services Long Island can assist you in evaluating whether or not Medicaid can cover costs for home health care or nursing home care.
Your Financial Eligibility for Medicaid Assistance in Nursing Home Care
Every state has different asset requirements to be eligible to receive Medicaid. In New York, the Medicaid resource limit for a single person is $15,750. This means that one’s assets can not exceed $15,750. It is of utmost importance that one does not undertake to become asset eligible on his or her own. We frequently see improper transfers which can not easily be rectified, if at all. Therefore, contact our office for proper guidance as there are several ways in which we can assist you in achieving asset eligibility.
If you are married, New York treats the assets of both spouses as available to either spouse when applying. The spouse receiving care is treated as a single person and can keep the income and resources that are typically allotted to one person. The other spouse can keep a spousal allowance of up to $128,640 of the combined life savings of the couple. If the healthy spouse receives income above $3,216 every month, Medicaid will require a contribution of 25% of that amount.
Never assume that you have too much income or too many assets to qualify for Medicaid!
Contact our office for more information. We offer a complete range of long-term care, elder law, estate planning, Medicaid planning and asset protection services. It’s our goal to prevent problems before they occur, and we work with hundreds of families to develop care options that work for their goals and their budgets. For a free 15 minute consultation, contact us by calling (516) 274-9103 or visiting our website here.
