Medicaid is a federal assistance program that helps participants with the rising costs of medical care as they grow old. Many states, including New York, have their own financial assistance programs that can be combined with Medicaid to provide significant help to...
Medicaid Planning
What is a Medicaid asset protection trust?
As you get older, healthcare and medical needs generally increase. Medicaid could help you pay for these long-term needs, but qualifying might be a challenge. There are specific income and asset thresholds you must meet to be eligible for Medicaid. These rules are...
Planning for your long-term care
Many older Americans are living happy, healthy and productive lives, but no one can stay that way forever. The older we get, the more likely we are to need long-term care. In fact, some studies have estimated that 70% of Americans who live to age 65 will need some...
Key steps in effective long-term care planning
Even if you’re healthy now, there’s a significant chance that you’ll need long-term care at some point in the future. In fact, studies have shown that 70% of those age 65 and older will need some form of long-term care. This is a significant number, especially in...
What is a Medicaid divorce?
As you probably know, Medicaid can help elderly New York residents pay for long-term health care needs. To qualify for Medicaid, you need to meet certain income and asset thresholds. This means that you cannot get Medicaid if your income is too high, or you have too...
How does the Medicaid look back period affect eligibility?
When people in New York start to plan for their later years, they may know that there will be a time when they will need to move into a nursing home to receive the care that they need. Nursing home care can be expensive, and people may need to plan ahead to ensure...
Can you qualify for Medicaid without losing your assets?
You may plan on using Medicaid or other public assistance benefits to pay for your care needs during your senior years. However, these benefits are generally only available to those with a low income and few assets. Does this mean you have to impoverish yourself in...
Importance for Medicaid planning and the look-back period
A significant portion of Americans will require long-term care of some sort in their lifetime. This care can be incredibly expensive. While you might be able to afford it, paying for it out of your own pocket can severely decrease your estate, which means that your...
What is the Medicaid ‘lookback’ period?
In New York, in order to qualify for Medicaid benefits, you must have assets below a certain threshold. The threshold is very low, and most people do not want to impoverish themselves just so they can qualify for the benefits they may need for nursing home care. It...
What is Medicaid planning?
Many Williamsville area residents have had to take care of an older loved one or are nearing older age themselves. Those who have experience in this area understand how complicated elder care can be. An elderly person can need an extensive amount of care, much of it...