Medicaid is a federal and state program that helps people with limited income to afford their essential healthcare needs. Compared to Medicare, Medicaid also provides funding for nursing home care and personal care services. Medicaid is the largest provider of medical and health-related funding for individuals in need. As of July 2022, it is estimated that almost 90 million individuals, or almost 27% of Americans, have enrolled and availed of Medicaid benefits. As a means-tested program, Medicaid applicants are commonly subjected to strict eligibility criteria before they can avail of benefits. The requirements are almost prohibitive and may require applicants to spend or give away some of their assets just to qualify for the program. However, with the help of an experienced Long Island Medicaid planning attorney, you may be able to retain eligibility while being able to keep your assets. What Benefits Can Medicaid Pay For?New York’s Medicaid program pays for a wide range of services. Medical coverage is often covered through the use of a Medicaid card or a managed care plan for those enrolled in care facilities. Generally, the services that Medicaid provides can be divided into three:
What Are the Eligibility Requirements for Medicaid on Long Island?People under the following categories are eligible to apply for Medicaid:
In addition to the eligibility categories, Medicaid applicants must also pass a means test, meaning their annual household income would be evaluated by the state. The applicant must be able to prove that they do not have the financial ability to pay for Medicaid out of their pocket. What Is the Medicaid Look-Back Period? Are There Assets Exempted From the Means Test?The Medicaid look-back period is the timeframe of your financial statements Medicaid uses to evaluate your financial standing. The timeframe can vary from one state to another but New York has a 60-month or 5-year look-back period. The state will evaluate your financial statements to see that you didn’t just gift away your assets to friends and family to retain them. If you are found to have given away your assets, you may lose your eligibility and may be prevented from applying for some time. Some assets are exempted from the look-back period. The valuations of these assets will not be included in the value that will be counted against you in the look-back period.
You may be eligible for other exemptions. It is crucial to seek the help of an experienced Long Island Medicaid planning attorney to be able to explore your options and determine your eligibility for other exemptions. What Should I Do If I Don’t Meet the Means Test Eligibility?There are some options that you can explore if you don’t meet the eligibility criteria. However, it must be noted that careful planning is essential to make sure that you don’t violate any of the Medicaid regulations. Spending down assetsMost people spend down their assets and use their excess resources to pay for medical bills out of pocket until they can qualify for benefits. This method can be applied through spending assets on debt, mortgages, bills, etc. as long as they do not fall outside of fair market value. Medicaid PlanningMedicaid planning involves the use of estate planning measures to allow a person to avail of government benefits without losing most of their assets. This method can be very useful to individuals who have complex assets that would not be easily addressed through other methods. Medicaid Excess Income ProgramThe Medicaid Excess Income Program allows applicants to avail of Medicaid benefits while also retaining their monthly income even if they don’t necessarily meet the income requirements. If your excess income over the Medicaid level is only enough to cover your medical bills in a month, then Medicaid can provide for your medical bills beyond that excess in your income. This method can be used to pay for outpatient care, doctor and dentist visits, prescription medicine, and even long-term care. If your income requirements go above the requirement for Medicaid, you may be able to utilize one or more of these methods to help you qualify. However, it is important to remember that the best method that you can use will depend on your financial situation. Get the Help of an Experienced Long Island Medicaid Planning AttorneyBefore you make a decision, consulting with a skilled Long Island Medicaid planning attorney can help prevent costly mistakes from happening. Your eligibility for government benefits like Medicaid may be jeopardized or you might get subjected to Medicaid’s estate recovery program. Our top-rated Long Island Medicaid planning attorneys at Schlessel Law recommend planning for Medicaid long before you need it. We understand the financial and emotional strain long-term care planning can have on a family. Seth Schlessel, an experienced Long Island estate planning attorney, has helped families in seeking quality care for their loved ones while also maintaining their legacy. We may be able to help guide you through the often complicated process of applying for Medicaid. We provide skilled and compassionate legal counsel and representation. Call us today at (516) 574-9630 or fill out our online form to schedule a consultation with skilled Long Island Medicaid planning attorney Seth Schlessel. Via https://www.schlessellaw.com/how-to-apply-for-medicaid-on-long-island/
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