In the United States, Medicaid is a government program that pays for certain health expenses for eligible adults and children with limited income and resources. With this, you may deem yourself ineligible for this program, as you may have been saving your hard-earned income for retirement for the majority of your adult life. However, you feel as though you are missing out on some substantial benefits, such as financial coverage for assisted living facilities, home health aides, and other medical expenses that become more prominent with aging. Well, if this is your predicament, please follow along to find out how to qualify for Medicaid benefits and how one of the proficient Putnam County Medicaid planning attorneys at the Law Office of Andres D. Gil, PLLC can help you plan accordingly.

What can I do to qualify for Medicaid benefits?

One commonly utilized strategy for qualifying for Medicaid benefits is restructuring assets. In this way, you may technically have less assets in your possession. Therefore, your income and resources may be considered limited enough to become eligible. Namely, as of 2024, the asset limits for Medicaid in New York State are $31,175 for a single applicant, $42,312 for a married couple with both spouses applying, and $31,175 for a married individual solely applying and $74,820 to $154,140 for their non-applicant spouse. Without further ado, below are ways you may attempt to restructure your assets before applying:

  • You may create an irrevocable trust for a designated beneficiary and fund it with some of your assets.
  • You may transfer the title of your home and other real estate properties to your designated beneficiaries.
  • You may pay off your outstanding mortgage payments and other debts, prepay for your funeral and burial expenses, etc.

How far in advance should I start my Medicaid planning?

It is worth mentioning that you should not start restructuring your assets right before you think you need to apply for Medicaid benefits. This is because the individuals who look at your application can and will investigate your financial situation from the past five years. This is what is known as the “look-back period.” So, if they find that you moved around assets fairly recently in a sole attempt to qualify for Medicaid, you have fines imposed on you, along with other serious repercussions. The only way to avoid such penalties is to prove that such transfers were done for reasons besides Medicaid eligibility. Or, if you prove you transferred your assets to a special needs trust.

In conclusion, you should know that a talented Putnam County estate planning attorney is here to assist you with whatever your legal issue may be at this time. So please reach out to us at the Law Office of Andres D. Gil, PLLC today.