Medicaid, a government program, pays for certain health expenses for those suffering from ailments that require expensive treatment. Since there are financial criteria that must be met, it is crucial that you or your loved one understand that not everyone qualifies for Medicaid. If you need more information and/or would like to begin Medicaid planning in New York, please read on, then contact one of our experienced Putnam County Medicaid planning attorneys to learn what you should know about this process.
What does the Medicaid planning process entail in New York?
Five years before you or a loved one intend to receive Medicaid, you should commence the planning for your Medicaid eligibility. The history of your assets will be evaluated when your qualification is set. As a result, you should have a full and comprehensive picture of your financial status. Serious fines and other legal consequences can result if you or your loved one fail to prepare adequately.
How do you qualify to receive Medicaid in New York and what should you include while planning?
Remember, Medicaid is a program designated for those whose income and/or resources fall below specified thresholds. Nonetheless, those with income and/or resources above certain thresholds may still qualify for some of their medical bills. These thresholds change on the first day of every calendar year. The following groups can be eligible for Medicaid:
- Children
- Pregnant women
- Single individuals
- Families
- And individuals certified blind or disabled
To ensure that you are on the right track and that you are eligible, you should reach out to a skilled Putnam County estate planning attorney to discuss what your next steps should be and to have support through every step of this process.
How can a Putnam County estate planning attorney help you?
Aside from giving you an honest assessment of your eligibility for Medicaid benefits, a seasoned Putnam County estate planning attorney can help you restructure your assets should you otherwise qualify. He or she can help you:
- Create irrevocable trusts
- Gift certain assets to family members or loved ones
- Transfer the title of the home to the beneficiaries who would receive it upon the decedent’s passing anyway
- Pay off debts and mortgages
- Make repairs to your home
- Prepay for your funeral expenses
Our firm will make sure that you understand your rights, responsibilities and options so that you can make informed decisions. If this sounds at all convoluted or intimidating, please do not hesitate to reach out to a member of our qualified firm. Please give us a call today.
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.