How do I Plan for Medicaid Coverage in New York?

How do I Plan for Medicaid Coverage in New York?

In the state of New York, there are many different types of people who rely on Medicaid. This exists for individuals who are unable to afford to pay for their medical care. While people may not want to consider this a possibility in their life, it is important to always be prepared for the unexpected. The cost of Medicaid has continued to increase in recent years and future healthcare is not always guaranteed. There are a variety of ways that you can prepare yourself to make this process easier. Continue reading below to learn more about Medicaid planning and contact an experienced New York estate planning attorney for assistance.

Should I Plan for my Medicaid Coverage?

It is beneficial for you to begin planning for their Medicaid eligibility at least five years ahead of time. When eligibility is determined, the history of your assets will be looked into. It is because of this that, to ensure you are setting yourself up correctly, you must have a clear picture of your financial status. This is so you can maintain your funds for future planning. The 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 individuals whose income and/or resources are below certain levels. However, there are individuals who have medical bills that may be eligible even if their income and/or resources are above the Medicaid income levels that are allowed. These levels generally change on January 1 of every year. Individuals who are eligible for Medicaid can include children, pregnant women, single individuals, families, and individuals certified blind or disabled. 

How Can I Restructure Assets to Get Medicaid Coverage?

There are a variety of ways that you can restructure your assets in order to better your chances at receiving Medicaid coverage. This can include: 

  • 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

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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