×

What do I Need to Know About Medicaid Planning in New York?

What do I Need to Know About Medicaid Planning in New York?

There are many people in the state of New York who rely on Medicaid. It is because of this that it is important to plan ahead regarding insurance options, even if you may not want to think about it. In recent years, the cost of Medicaid has continued to become expensive and healthcare for your future is not always guaranteed. It is because of this that there are crucial ways to prepare and make the process easier when it comes. Continue reading below to learn more about Medicaid planning and contact an experienced New York estate planning attorney for assistance in doing so.

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.

Am Eligible to Receive Medicaid in New York?

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. 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.

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 at 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

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.

Read Our Latest Blogs

  • What Are the Pros and Cons of Creating a Trust?
  • Can I Update My Will in New York?
  • How Does the SECURE Act Affect My Retirement Planning?