What are the Medicaid Eligibility Requirements in New York? Ask Us.
In order to qualify for Medicaid benefits to help you, or your elderly loved one, pay for long-term care costs in a nursing home or assisted living facility, the recipient must pass an income and asset means test. Applicants who meet the strict limitations on resources are eligible to receive Medicaid in New York.
What Is the Means Test?
The means test requires the applicant to list monthly income, as well as its source. Income is broadly interpreted, but includes the value of most government benefits. Currently, the income ceiling for an individual seeking long-term nursing home or residential hospice care assistance is $767. A spouse of an applicant for residential nursing home care is limited to $2,739 per month.
In addition to monthly income, the individual applicant must also report total financial assets and personal holdings valued at less than $13,800 plus an allowance for burial expenses of $1,500. The ceiling rises to $20,100 for a family of two.
How Can Medicaid Planning Help?
Many families realize that a lifetime of savings can be wiped out in a very short amount of time to pay for nursing home care. At Vergilis, Stenger, Roberts, Davis & Diamond, LLP, we offer families legal options for protecting their personal assets and wealth from the Medicaid means test. By removing assets from personal holdings, including gifting strategies and setting up a trust, we help individuals and couples qualify, when they otherwise would not have.
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Our elder law team is ready to help you meet all of your Medicaid planning and estate preservation needs. You will work directly with your lawyer, while confident in the knowledge that your attorney can count on the support and knowledge of a team of experienced estate planning and probate professionals. Contact us to arrange a consultation to discuss New York qualifications for Medicaid with an attorney.
