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Medicaid Planning Archives

Custodial care could mean large expenses

While Medicare may provide many services to New York residents, it will generally not pay for care in a nursing facility. This is important because as many as 70 percent of people aged 65 and older may eventually need such care. Whether or not Medicare will pay for a service depends on if the needs are considered to be custodial care.

Federal law helps individuals with disabilities create SNTs

New York Medicaid beneficiaries might be aware of the 21st Century Cures Act (CCA), which came into effect on Jan. 1. The law changes the wording of the Omnibus Budget Reconciliation Act of 1993, which was written to exclude people with disabilities from creating their own special needs trusts without court approval because they were assumed not to be legally competent.

Planning for long-term care after retirement

Many aging New York residents are concerned about retirement planning. In addition to funding accounts and making arrangements to live out retirement in a comfortable community, the possibility of needing long-term care also presents significant issues.

Proposed legislation could affect Medicaid eligibility

Many elderly New Yorkers reside in nursing homes, and many of those who do rely on Medicaid to cover all or a portion of the costs. The Medicaid program is funded by both the federal and state government, and there are strict financial tests in place that determine eligibility.

Are you making these five common Medicaid mistakes?

Estate planning can be so much more than just drafting a will. Your estate plan is a way for you to manage your assets so that you and your loved ones are taken care of up until your passing. One part of estate planning that can sometimes get overlooked by do-it-yourselfers is Medicaid planning.

The political landscape and Medicaid planning in 2016

Many New Yorkers who are nearing retirement age begin thinking about what they will do in the event they eventually need nursing home care. One aspect of planning for this major expense involves Medicaid planning. This includes a consideration of what they will need to do to make certain they are eligible for Medicaid coverage to pay for the expensive nursing home care instead of paying for it out of pocket.

Asset protection for seniors going to nursing homes

Seniors in New York often depend on Medicare for their health care needs. Medicare benefits, however, are limited if a person needs to enter a nursing home. Only a set number of days are allowed through Medicare to recover from a surgery or illness in a skilled nursing facility. When the time period expires, then the patient and his or her family must pay the costs, which can accumulate quickly and erode the finances of the patient and family members.

Staying at home to receive long-term care

Many elderly people living in New York and who require long-term care would prefer to stay in their own home. While making a decision about whether or not staying at home is feasible, there are some important things to think about. A person may want to consider the condition that their home is in and whether the home can be modified. The availability of long-term care services in the area is also an important consideration.

I need to do a resource test for Medicaid. What does it mean?

In New York, people often need Medicaid coverage in order to pay for nursing home care or home health care for elderly loved ones. When the state determines eligibility, there are situations in which, although the intended recipient's income and resources may exceed guideline limits, he or she may still be deemed eligible for coverage.

Medicaid planning in New York

While there is no question that the fact that lifespans are increasing, even if someone has a medical condition, is a good thing, it also represents a larger financial burden for individuals, especially if someone needs at-home or nursing home care. While Medicaid is available to help with these costs, an individual's assets must have been mostly exhausted before they are able to take advantage of this program.