What to Know About Medicaid Planning in New York

What to Know About Medicaid Planning in New York

Medicaid is a government program that pays for specific health expenses for those who have medical illnesses that require pricey treatment. It is important to understand that not everyone qualifies for Medicaid, as there are financial criteria that must be met. Do not hesitate to reach out to our firm today to discuss your case and learn more about whether or not you should begin Medicaid planning. Our Putnam County Medicaid planning attorneys are here for you each step of the way.

What does Medicaid planning in New York look like?

You should start planning for your Medicaid eligibility at least five years ahead of time. When qualification is set, the history of your assets will be evaluated. Because of this, you need to have a clear picture of your financial status. The failure to prepare yourself can end up in serious fines and other legal consequences.

Do not hesitate to reach out to our firm today to speak with an experienced New York estate planning attorney to ensure that you are on the right track. Our legal team is dedicated to supporting you through each step of the way.

Do I qualify to receive Medicaid?

It is important to understand that not everyone is eligible to receive Medicaid. In fact, Medicaid is a program for people whose income and/or resources are under specified levels. But, there are individuals who have medical bills that may be qualified even if their income and/or resources are above the Medicaid income levels that are permitted. These levels usually change on January 1 of every year. Those who are eligible for Medicaid can include children, pregnant women, single individuals, families, and individuals certified blind or disabled.

Contact our firm to speak with an experienced Putnam County Medicaid planning attorney today to determine whether or not you are eligible.

How can I restructure assets to obtain Medicaid coverage?

In some cases, you may be able to restructure your assets to increase your chances of receiving Medicaid coverage. You can do this by:

  • Creating irrevocable trusts
  • Gifting certain assets to family members or loved ones
  • Transferring the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
  • Paying off debts and mortgages
  • Making repairs to your home
  • Prepaying for your funeral expenses
  • Consulting an attorney regarding other restructuring methods that may work for your specific situation

Our firm is here to help you if you have any questions or concerns about Medicaid. Reach out today to obtain representation from skilled estate planning attorneys 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.

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