If you or a loved one in the greater Buffalo area has a sudden or unplanned need for an extended nursing home stay, the only option for them may be to qualify for Medicaid.
Since it is supposed to be for those who cannot afford medical care, the Medicaid program has maximum income and asset requirements.
A resident of New York may be in a squeeze where they make too much income or have too much property to qualify for Medicaid, but they are in no position to provide financially for their immediate need for nursing home care.
There are some valid strategies for planning to qualify Medicaid that can be implemented on relatively short notice.
- If the person needing Medicaid is married and the other spouse does not also need Medicaid, the person can transfer assets to their spouse so they can qualify.
- Certain transfers of one’s home to another person are ways to reduce assets. without violating what the American Council On Aging refers to as the look-back rules.
- Certain home repairs and renovations are allowed.
- A person can enter what is called a Life Care Agreement with a close friend or relative. This type of agreement allows the person to pay their friend or relative in exchange for the friend or relative providing personal care or household services.
- A person may pay down their debts.
- A person may be able to invest in a Medicaid Exempt Annuity. Likewise, they may pay for their funeral arrangements up front through an irrevocable funeral trust.
- There are other emergency strategies that may be available to New York residents.
A Buffalo-area resident who needs Medicaid should know their options
While these are some general ideas, a person or family who is interested in short-term Medicaid planning will need to know their legal options and alternatives. It is not advisable to start transferring one’s property without understanding the possible consequences, one being that a person’s ability to receive Medicaid benefits gets delayed for months.
