Do you lose sleep at night wondering if you can qualify for Medicaid if you own a home? Do you worry that your spouse could become homeless for you to receive Medicaid benefits? We understand.
At Schneider, Garrastegui & Fedele, PLLC, our Medicaid planning lawyers have helped countless people like you start the Medicaid planning process. Read on to learn more about homeownership and your Medicaid application as we dispel some common misperceptions. Then contact us at (631) 756-6006 to schedule your Medicaid application consultation.
Medicaid is a government-sponsored program. In most cases, a Medicaid applicant's home does not count toward the asset limit for eligibility. However, proper Medicaid planning is essential to ensure that you meet eligibility requirements and qualify for Medicaid when you need it.
To qualify for Medicaid in New York, you must meet certain asset limits, approximately $16,800 per person. We will discuss these limits in further detail below.
If you own a home, you may think you far exceed this asset limit and don't qualify for Medicaid. However, Medicaid has a few exemptions. For example, a person's primary home is exempt from their total assets as long as they live in the home or intend to return to the home if he/she is in a nursing home, and the home equity interest is below $955,000.
In short, owning a home typically will not disqualify you from Medicaid. However, other assets can put you over the asset limit.
The two main types of Medicaid in New York are Chronic Care Medicaid and Community Medicaid. The type of program coverage you receive can also impact your ability to own your home and qualify.
Chronic care Medicaid benefits individuals who need long-term care outside of the home; they require care in a nursing home. They may not be able to receive adequate care within their home, requiring them to move to a nursing home.
Community Medicaid allows individuals to live at home or in assisted-living communities. It enables seniors to age in place while receiving the care they need.
To qualify for Medicaid in New York, you must meet specific income and asset limits. These limits vary depending on your marital status. However, the limits for a single person applying for Community Medicaid are as follows:
The combined limits for married couples both applying for community Medicaid are as follows:
When you receive Medicaid benefits in New York, the state will attempt to recover the cost of your care after your death. This program, known as the estate recovery program, may allow Medicaid to place a lien on your home. Consequently, your beneficiaries may need to give some or all of the proceeds from your home's sale to the state.
A Medicaid attorney can help you plan for estate recovery to reduce the financial impact on your loved ones after your death.
Planning ahead for your Medicaid application is essential to ensure that you meet the eligibility requirements when you need to start receiving benefits. Medicaid has a 60 month look-back period for applications for nursing home coverage.
Working with a Medicaid attorney can help you determine strategies to reduce your assets, improve your financial eligibility, and protect your wealth. They can help you understand where to place your assets, so they do not count toward your Medicaid asset limit. However, the best time to begin Medicaid planning is now. You never know when you may need to enter long-term care/nursing home and receive Medicaid benefits.
If you're looking for a knowledgeable Medicaid planning attorney in New York, you've come to the right place. At Schneider, Garrastegui & Fedele, PLLC, we implement effective Medicaid planning strategies daily for clients. Contact us today at (631) 756-6006, or fill out our online form, to schedule your Medicaid application consultation.
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