Planning for the future long-term care needs of you or a family member entering the later stages of life is critical. Medicaid planning plays a vital role in safeguarding your financial security by preventing the family legacy from being spent down to qualify for care. The Medicaid process is complex, but the first step you should take when building a Medicaid plan is finding experienced legal guidance from a Medicaid Planning Attorney. At The Law Office of Gold and Dezik, we can help you create a Medicaid plan for your future healthcare needs. You’ll be able to access benefits immediately when ready. Use this checklist to navigate through some of the necessary steps and information needed to ensure your assets are protected.
Medicaid Eligibility
Medicaid in New York is also referred to as Medicaid Managed Care and offers coverage for those Aged 65 Plus, Disabled, or Blind.
- Are you over the age of 64?
- Do you have a child under age 18 or are you pregnant?
- Are you blind or disabled?
- Do you have a child, parent, or spouse in your household who is blind or disabled?
- Do you meet the annual household income limit (before taxes)?
Income limits depend on your household size and annual income. In 2023 in New York, individuals may earn up to $19,392. Married couples may earn up to $26,228.
Single individuals are allowed to keep $30,182 of their resources. This does not include a residence, car, prepaid funeral, and in some cases, retirement savings. If the applicant is married, the spouse is allowed between $74,820 and $148,620, depending on a variety of factors. This is why it is so important to receive guidance early on so you can maximize these allowances.
Your income may make you immediately eligible, or you may need to “spend down” income or assets. Our Medicaid planning professionals find ways to ensure you are eligible for Medicaid when the time and circumstances are right. Every state has different financial criteria and annual changes.
Your needs for Medicaid coverage are also determined by other factors, including potential medical care, current assets, and legal documents.
- Do you have long-term care insurance?
- Do you have nursing home care coverage, and can you continue to afford it along with other medical costs?
- Do you have a list of assets to protect?
- Have you established an irrevocable trust?
The Law Office at Gold and Dezik can develop a strategy to cover your care. Health care needs are one-of-a-kind, so your Medicaid planning should also be unique. We will help you or your family member find the right tools to address health care needs or qualify for New York Medicaid coverage without spending down your hard-earned money on the high cost of long-term care services.
Ensure your plan considers your care and your family’s future inheritance by contacting our firm today and asking about Medicaid planning. Our goal for you is to prevent a financial crisis.
Contact us to learn more!
The attorneys at the Law Office of Gold and Dezik are dedicated to helping you and your loved ones understand estate and trust planning, elder law, Medicaid planning, and trust settlements. We discuss New York estate laws in and around the Niagara Falls area to help you create an estate plan that meets your family’s needs.
The Law Office of Gold and Dezik assists clients in the Western New York area, including Niagara Falls, Lockport, Buffalo, and beyond.