Many aging New Yorkers may not realize the financial eligibility for Institutional Medicaid is not evaluated only at the time of the application. Instead, it requires a look-back on all assets for 60 months. Without proper planning, many people may have too many...
Medicaid Planning
Are Medicaid trusts a good idea?
You and your spouse have been discussing your estate. You both have health issues. If you don’t take care of your health, you could lose your life savings. If you were able to qualify for Medicaid without spending everything you own, this could be a solution for you....
What seniors should know about Medicaid denial
Since its onset, Medicaid has been helping seniors who cannot afford to pay for their health care. It is one of the most important programs that the U.S. government provides. Despite the many benefits of Medicaid, denials have become a common occurrence among the...
What do monthly nursing home fees cover?
If you have an elderly parent who requires in-depth care or supervision, placing your mother or father in a nursing home may be advisable. After all, you may lack the skills, time and money to do the task without professional assistance. The average daily rate for a...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
What are the Medicaid lookback and penalty periods?
If you plan to use Medicaid to pay for your or a loved one’s long-term care, you will need to first meet the program’s strict financial eligibility requirements. One such requirement is that all of your countable assets and/or income must not exceed the state’s...
How to protect assets from a nursing home
Nursing home costs are astronomical. Genworth's recent survey of nursing home costs showed the cost of a nursing home in NYC between $11000 and $15000 per month. None of us want to live in a nursing home. But if you or a loved one require that level of care, the...
