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Planning for Medicaid in New York | What to Know

Planning for Medicaid in New York | What to Know

Medicaid is a program for low-income individuals whose income and/or resources are below certain levels. It exists for individuals who cannot afford to pay for medical care. Medicaid assists millions of Americans. If you believe you qualify for Medicaid, it is important to plan ahead. Read on to learn more about how to plan for Medicaid in New York. 

Am I Eligible for Medicaid in New York?

Those who are eligible can include children, pregnant women, single individuals, families, and individuals certified blind or disabled. While this is true, it is important to note that individuals who have medical bills may be eligible even if their income and resources are above the allowable Medicaid income levels. These levels generally change on January 1 of every year. Only those who are certified blind, disabled, or over the age of 65 have a resource test.

Should I Plan for my Medicaid Coverage?

It is best to begin planning for Medicaid eligibility at least five years in advance. In order to determine your eligibility for Medicaid, the history of your assets will be considered. To be sure that you are setting yourself up properly, you must create a clear picture of your financial situation so you can maintain your funds for future planning. Failure to prepare yourself can result in serious fines and other legal repercussions. It is important to reach out to an experienced attorney, as this can be a complicated process and it is important to ensure that everything goes smoothly. 

How Can I Restructure Assets to Get Medicaid Coverage?

It is possible to restructure your assets in any of the following ways to better your chances of receiving Medicaid coverage: 

  • Gift certain assets to family members or loved ones
  • Create irrevocable trusts
  • Transfer the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
  • Pay off debts and mortgages 
  • Make repairs to your home 
  • Prepay for your funeral expenses
  • Consult an attorney regarding other restructuring method that may work for your specific situation

If you have any questions or concerns regarding Medicaid or any other aspects of the estate planning process, contact our firm today. We are here to walk you through the process each step of the way.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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