Aging New Yorkers may have significant concerns about how to protect their assets that come hand in hand with planning for their medical futures. When older people are considering or need to access the long-term care provisions of Medicaid, including nursing homes and other types of residential facilities for people dealing with serious disabilities or major health needs, the Medicaid rules about assets can come into play. Married couples in particular may be concerned about how to deal with Medicaid rules when only one of the partners needs to access long-term care or a nursing facility.
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.
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.
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.
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.
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.
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.
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.
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.
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.