In New York, the average cost of a semi-private nursing home is $11,756 a month. Those in a private nursing home room pay an average of $12,189 per month. In fact, New York state has the fifth most expensive average nursing home cost in the entire country. Many New York residents are unable to afford these expensive monthly nursing home costs, even those who have spent their lives working hard and saving for retirement.
The insurance policies of most Americans will not provide nursing home coverage. Medicaid is a government-funded insurance program that covers the cost of private nursing home care for those who need it. Qualifying for Medicaid an important way to afford Medicaid insurance coverage. New York residents can protect themselves and their loved ones through Medicaid planning.
Medicaid Planning Will Help You Determine Whether You Qualify for Medicaid
The first step in Medicaid planning is to determine whether or not you or your loved one will qualify for Medicaid. The rules for qualifying for Medicaid change frequently. Additionally, the rules for Medicaid differ in every state as each state is in charge of administering the federal program. Speaking to a Medicaid planning lawyer will save you time and money from the start.
If you apply without knowing whether or not you qualify for Medicaid, your application will be denied. The application process is time-consuming. It is wise to ensure that you qualify before applying. Being denied from Medicaid benefits can negatively impact your happiness, comfort, and the health of the family who is depending on their loved one receiving Medicaid benefits.
Medicaid Planning Will Help You Prepare for Unknown
At the Law Offices of Barton P. Levine, we can help you or your loved one determine whether they will qualify for Medicaid. The best time to engage in Medicaid planning is now. The more time you have to plan, the better. Medicaid planning lawyers will help clients structure their financial resources. They will help you prepare documentation to give you the best chance possible to be approved for Medicaid.
Protecting Your Assets Through Medicaid Planning
In order to qualify for Medicaid, you will need to prove that you have a very low income and that you have less than $2,000 in assets. If you are worried about yourself or a loved one not being able to pay for nursing home care, there are steps you can take to protect your assets while qualifying for Medicaid. Sometimes people think that they can simply give away all of their assets to loved ones so they will qualify for Medicaid benefits. This strategy can actually make things worse, however.
When it comes to Medicaid, any assets that you transfer, or give, to loved ones or friends within five years of you entering into a nursing home facility will count against you. The government will be able to seize these assets within five years of your death. Transferring your funds correctly can allow your family members to keep the monetary gifts and property you have given them after you pass away. There are several different ways that you can protect your assets from seizure by the government while still qualifying for Medicaid nursing home benefits.
A Medicaid Planning Lawyer Will Help You Choose Your Best Options
Thinking about how you will qualify for Medicaid benefits can be exhausting and incredibly complex. When you hire an experienced Medicaid planning lawyer, your lawyer will review your financial situation and advise you as to all of your options. One of your options could be to transfer your property to your loved ones before you need to live in a nursing home facility. You will need to make the transfers at least five years before you enter into a nursing home.
Another common way to protect your assets while qualifying for Medicaid is to place your assets in an irrevocable trust. Only certain types of trusts are exempt from nursing home costs. You will not be able to receive principal assets from an irrevocable trust. You will be able to receive periodic dividends and interest from your trust, however. These payments are safe from seizure due to Medicaid benefits. It is important that you hire an experienced lawyer to create your irrevocable trust. If the trust is not set up correctly, your assets could still be subject to seizure by Medicaid after your death.
A Medicaid Planning Lawyer can Help You at Any Step of the Process
You might be reading this article and wondering what if it is too late for you to engage in Medicaid planning. Engaging in Medicaid planning is always helpful at any stage of the process. It is never too late to seek help for your unique situation and Medicaid planning. Our law firm has helped many people pre-plan for Medicaid coverage before they need to enter into a nursing home.
Even if you or your loved one are currently in a nursing home, we can help you and your family protect your assets. There are ways that you can legally spend down your assets to qualify for Medicaid health insurance benefits. It is almost never too late for you to protect your hard-earned money for your family, loved ones, or a favorite charity. A common misconception when it comes to Medicaid planning is that you need to do it years in advance. While it is beneficial to start the process as soon as possible, it is never too late to seek experienced legal help for your Medicaid planning.
Contact Our Experienced Manhattan and Long Island Medicaid Planning Lawyers
As the population ages, more families than ever are concerned about how they will pay for long-term nursing home care. At Law Offices of Barton P. Levine, we have over 30 years of experience helping New Yorkers engage in Medicaid planning. Contact our law firm today to schedule your initial consultation to start the process.