Understanding Medicaid Planning
Nursing home care can be a tremendous expense. Additionally, most health insurance policies will not pay for long-term nursing home care. In New York State, there are three ways to pay for the costs of long-term care: private pay, long-term care insurance and Medicaid.
For many people, privately paying for long-term care is unrealistic. And while long-term care insurance is a fantastic option, it is typically very expensive and many individuals are ineligible either due to age or for medical reasons. That leaves Medicaid.
What Exactly Is Medicaid?
Medicaid includes a joint federal and state program designed to provide long-term care for individuals that meet certain income and asset levels. Any amount in excess to these limitations must be used to pay for your care prior to being eligible for Medicaid assistance with certain important exceptions.
How We Can Help
Nobody wants to have to spend down their life’s assets to become eligible for Medicaid. Fortunately, by planning ahead, you can still qualify while continuing to benefit from your assets and pass on a legacy to your loved ones. Medicaid planning and asset protection can be vital tools to ensure a serene future in your golden years.
At Vella, Carbone & Vinson, LLP, we can help you preserve as much of your assets as possible and prepare you to qualify for Medicaid when the time comes. We represent numerous clients through the Medicaid planning and application processes. Our lawyers have decades of experience advising clients on the nuances of Medicaid eligibility and asset protection strategies. We can:
- Advise you on the role of various asset protection vehicles
- Help you select and implement the right Medicaid planning tools – for example, an irrevocable Medicaid planning trust and long-term gifting strategy
- Prepare a strong Medicaid application
- Defend your application in any necessary hearings
Based in Delmar, we provide Medicaid planning services for clients throughout the Capital Region of New York.
Start Planning For Your Future
Early planning is critical when it comes to becoming eligible for Medicaid. Ideally, you should implement it as part of a comprehensive estate plan well before you develop any medical problems that might lead to long-term care.