If you live in New York and are considering long-term care expenses, do not delay planning for Medicaid. The costs associated with aging can decimate retirement savings and jeopardize your ability to leave considerable assets for your loved ones. However, incorporating Medicaid planning into a comprehensive estate plan can guard against these looming threats to your future and your family.
At Schneider, Garrastegui & Fedelle PLLC, we help our clients in New York prepare effectively to qualify for Medicaid so they can cover the expenses of long-term care, whether in a nursing home or through in-home health care assistance. Read below to learn about the importance of planning early for Medicaid, and schedule a consultation with an experienced Long Island elder law attorney at our firm by calling (631) 519-9831.
Medicaid Planning Can Cover Expenses Associated With Aging as Part of Your Estate Plan in New York
Long-term health care expenses in New York can be costly, usually well over $100,000 per year for nursing home services. These high price tags place them beyond affordability for most aging New Yorkers who do not have financial assistance. Medicaid, a needs-based program managed jointly by the federal and state governments, provides health coverage to over 72.5 million Americans, including children, pregnant women, parents, seniors, and individuals with disabilites. By qualifying for Medicaid, you can cover long-term care expenses in coordination with an estate plan that leaves a substantial legacy for your loved ones.
You Will Need To Transfer Many Assets Out Of Your Estate Over Five Years Before You Apply for Medicaid
Medicaid planning involves strategically transferring assets out of your estate to individuals or into trusts designed for estate planning purposes. You have probably accumulated assets and saved to build wealth for your family’s future, so removing assets from your estate may seem counterintuitive. However, failing to properly transfer sufficient assets from your estate would prevent you from qualifying for Medicaid and leave those assets susceptible to exorbitant long-term care expenses in the future.
An experienced New York Medicaid attorney can guide you through the extensive planning and complicated application phases. It is far better to start asking questions sooner rather than later. In some cases, you must implement your plan over half a decade before qualifying for Medicaid and enjoying its benefits.Unless you meet one of the exceptions under the law or a transfer/gift and Note plan could be implemented.
When To Begin Planning for Medicaid in New York
When you apply for Medicaid for Nursing Home Coverage/Chronic Care Coverage, the county case worker will review your assets and activities, such as transfers and gifts,for the prior 60 months from the date of application, to determine your eligibility. If you and your spouse have different healthcare needs, it can affect your approach to qualifying for Medicaid. Work with a Medicaid attorney to plan for contingencies before a health issue may arise.
Due to the necessity of qualifying for Medicaid to maintain your standard of living while covering costs associated with aging, you must begin planning to qualify well over five years in advance. Begin by scheduling a consultation with an experienced New York Medicaid attorney.
What Could Happen If You Don’t Approach Medicaid Planning Properly
Individuals who do not prepare correctly or prepare too late will often be disappointed to learn that they will not qualify for Medicaid or must endure significant delays before they can hope to be eligible.
You may not be able to afford nursing home care or other expenses associated with aging without the assistance of Medicaid. A late start to your five-year wait to qualify for Medicaid for Nursing Home Coverage may strain your ability to cover costs, especially if you need financial assistance for healthcare before that time is up.
Your Parents May Not Know They Will Need To Plan For Medicaid in New York
You may have aging loved ones who do not know about the importance of planning for Medicaid. Failing to recognize the financial threats associated with long-term care or the opportunities afforded by the Medicaid program can dash a lifetime’s worth of wealth-building efforts and long-held dreams of an enduring legacy. Help them and prevent your family’s financial frustration by scheduling a consultation with a knowledgeable New York Medicaid attorney.
Work With a Long Island Elder Law Attorney at Schneider, Garrastegui & Fedele PLLC to Plan for Medicaid
Not only do you want to be able to maintain your standard of living and cover the costs of aging, but you also want to leave a legacy for your loved ones. If you have a large estate, incorporating Medicaid planning into your estate plan is a way to remain future-oriented for your family while covering costs as you move into your golden years.
If you are ready to start building your strategy to plan for Medicaid, don’t search for a “Medicaid planning attorney near me” in Melville, New York. Schedule a consultation with an experienced New York Medicaid Attorney at Schneider, Garrastegui & Fedele PLLC by calling (631) 519-9831 or completing our online form. Save yourself and your family years of frustration and protect your legacy by taking the first step to planning properly today. You will be glad you did.
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SCHNEIDER, GARRASTEGUI & FEDELE PLLC
135 Pinelawn Rd #250s
Melville, NY 11747