Experienced New York Medicaid Attorneys Help You Plan for the Future
Planning for the future includes making informed choices about the types of health care that will be available to you as you age. With decades of service to families in New York, Lissner & Lissner LLP helps you understand Medicare and Medicaid services and the importance of planning for eligibility.
Medicaid is a federal program administered through each state, like New York, to provide health care services to eligible individuals with low income or disabilities. Many seniors trust that Medicare will pay for long-term nursing care they might need as they age, only to discover they misunderstood the services offered by this federal program.
With the skyrocketing cost of health care, all seniors should be fully informed about Medicaid and how it can pay expenses for eligible seniors that might otherwise bankrupt a family. With extensive experience with Medicaid and estate planning, our goal is to create a plan that gives you proper care, offers peace of mind, and limits the exposure of your spouse or family to claims and lawsuits brought by the Department of Social Services.
Medicaid planning in New York—how does it work?
Your aging process may result in the need for more care than you can provide for yourself or family members can provide for you.
The cost of care in a nursing home facility can easily reach $150,000 per year. Although many couples and families work hard and save over a lifetime, the cost of care for a family member can quickly wipe out a nest egg or planned inheritance.
For eligible seniors, Medicaid can pay for some home care services as well as longer term custodial care in a nursing home. These benefits are often confused with Medicare, which may pay for a long-term care hospital—but not for long-term residential nursing support. This important difference can be managed through carefully structuring assets to allow for Medicaid eligibility if it becomes necessary over time.
How we can help you plan for the Medicaid care you may need
An effective Medicaid plan protects a spouse living at home, your estate, and qualifies you for long-term residential nursing care when needed. To qualify for Medicaid, you need not be impoverished, yet there are important points to understand:
Medicaid considers almost all of your wealth, bank accounts, investments, and assets when determining your eligibility for the program.
If you qualify for Medicaid, a spouse living at home is allowed a limited income that follows state guidelines.
Some of your assets will be exempt when Medicaid considers your eligibility, including one vehicle, your residence (unless you have a great deal of equity), pre-paid burial contracts, some household and personal goods, restitution funds and some assets and value held in trusts or certain qualified plans.
Our legal team evaluates your assets, retirement, and other accounts to create a plan that allows you to qualify for Medicaid if needed—without destabilizing the financial wellbeing of your family.
Contact us for experienced, helpful legal counsel on Medical planning for your family
A well-considered Medicaid eligibility plan is an important step to take care of your future and your family. Located in midtown Manhattan, Lissner & Lissner LLP has been helping individuals and families for more than 65 years. Contact us or call (212) 307-1499 when you have questions about Medicaid, estate planning, or elder law.