New York Medicaid Planning: What Can the Healthy Spouse Keep
Medicaid Planning in New York
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Transcript of Medicaid Planning in New York
![Page 1: Medicaid Planning in New York](https://reader036.fdocuments.in/reader036/viewer/2022062514/5590953d1a28abab538b479f/html5/thumbnails/1.jpg)
MEDICAID PLANNING IN NEW
YORK
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THE NEED FOR LONG-TERM CARE
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The average life expectancy of an American has increased
about 30 years in just over a century
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We still face the same age related medical problems as
we age
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ALZHEIMER’S alone is now the 6th leading cause of death in the United
States
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1 in 3 seniors will die with the Alzheimer’s or a similar
disease
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2 in 5 seniors will need long-term care at some
point
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By 2050, experts estimate that the number of people using long-term
care services will be around 27 million – double the number who
were using long-term care in 2000
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WHY YOU MAY NEED MEDICAID
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In New York, 1 in 5 seniors depends on MedicaidNeither Medicare nor most private healthcare policies cover long-term careIn New York City, the average cost of a year of long-term care is $136, 200Medicaid does cover long-term care costs
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NEW YORK MEDICAID BASICS
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MEDICAID is intended to provide
healthcare coverage for low income individuals and families
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Medicaid is primarily federally funded but state administered
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Applicants must meet income and resource guidelines to
qualify
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In New York, a senior applying for Medicaid cannot have
countable resources of over $14,550 ($21,450 for a married
couple) as of 2014
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Income and resource limits are slightly different for long-term care benefits depending
on the applicant’s circumstances
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Not all assets are countable resources
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A home, vehicle and personal belongings, for example, ARE USUALLY EXEMPT
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FIVE YEAR LOOK-BACK PERIOD
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Medicaid employs a five year “look-back” period
when evaluating an application
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Typically, the value of the asset transferred during the look-
back period is attributed to the applicant as if the transfer was
never made
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If your assets exceed the program limit as a result of transfers made during the
look-back period, you will incur a penalty period
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Length of the penalty period
is calculated by dividing the value of the asset by the average
monthly cost of long-term care in your area
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MEDICAID PLANNING
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At this point you likely have a better understanding why
Medicaid Planning is so important
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Starting early is the key to ensuring that you will qualify for Medicaid benefits to pay
for long-term care should you need it at some point in the
future
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Medicaid planning is perfectly legal
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However, the laws are complex and ever-changing which is why
you should depend on your estate planning attorney for guidance and assistance when creating a
Medicaid plan
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LEARN MORE ABOUT SUPPLEMENTAL NEEDS TRUST IN NEW YORK
LEARN MORE ABOUT MEDICAID PLANNING IN
NEW YORK
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www.bartonlevine.com(888) 268-4425
Law Offices of Barton P. Levine