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The recently enacted New York State budget, which goes into effect on October 1, 2020, introduces, for the first time, a look-back period on assets transfers for those seeking Medicaid Home care benefits.
We spend our young lives fully dependent on our parents’ care. It only makes sense that at the end of their lives, we return the favor. Caring for aging parents may seem like simply a moral prerogative, but there are legal grounds as well, known as Filial Responsibility Laws or Filial Support Laws.
A pooled income trust allows individuals to preserve their trust resources for living expenses while remaining eligible for public assistance benefit programs like Medicaid. These trusts are operated by certain nonprofit organizations such as Life, Inc., United Community Services Disability Pooled Trust (UCS Trust Services) and NYSARC.
With healthcare costs rising every year, it’s critical to have a plan to pay for coverage as you age or if you become disabled. Medicare does not cover everything for people over 65. For example, although Medicare pays for hospital care and short-term rehab facilities, it does not cover residential long-term nursing support.
In order to qualify for Medicaid, you must be a citizen of or documented immigrant to the United States, reside in the state in which you are applying for Medicaid coverage, and meet a certain threshold of income.
Medicaid is free or low-cost coverage for people who have a disability or are considered low-income. In order to be considered low-income and thus eligible for Medicaid, you must report your income and assets on your application for coverage.
As you get older, you will be faced with a range of important decisions about your assets, care, and family. Ensuring access to healthcare is one of the most critical aspects of aging, especially with the cost of care constantly rising.