Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

Posts tagged "Medicaid Planning"

Why establish Medicaid trusts?

Many New Yorkers will need long-term care at some point in their lives. Unfortunately, it is prohibitively expensive for most people and can cost thousands of dollars per month. It is possible for some older adults to qualify for Medicaid to pay for the cost, however. One way that middle- and upper-income adults can potentially qualify for Medicaid for long-term care is through Medicaid trusts.

What to know before buying long-term care protection

New York residents and others are generally capable of calculating their monthly expenses. Having this skill may make it easier to plan for how much one will need in retirement. However, it is also important to plan for things like inflation, which may lead to higher costs over time. Paying more for goods and services may be increasingly difficult while living on a fixed income in retirement.

Setting up a special needs trust

Some New Yorkers who are creating an estate plan may be concerned about how they will take care of a family member with disabilities. These disabilities may include genetic disorders, cerebral palsy, bipolar disorder or autism spectrum disorder, and they may be congenital or the result of an injury.

New York Medicaid planning

Most New Yorkers are aware of the political battle that has been raging over healthcare in the U.S. during the past few years. While President Obama and Congress managed to pass some important health care reforms, it is possible that those may be rescinded depending on the outcome of the 2016 presidential and congressional elections.

An overview of Medicaid facts

New York residents may worry about their medical care as they age, especially if they have limited financial resources for insurance and related out-of-pocket costs. However, Medicaid provides a great deal of support not only for the aging population but also for many disabled individuals, children, and others. Statistics indicate that an estimated 5 million elderly Americans are assisted by this program.

How is financial eligibility determined for Medicaid?

Many New York residents might benefit from learning more about how financial eligibility for Medicaid is determined. Medicaid applicants are required to submit documentation of any assets in their possession. When states assess the applicant's financial eligibility, some of the assets will be included in calculating income, while others may be excluded. The assets typically counted towards eligibility include certificates of deposit, stocks and bonds, savings accounts and checking accounts.

Medicaid planning could assist as long-term care undergoes reform

Family discussions about putting a loved one in long-term care can be very complicated and emotional. After all, thinking about a loved one having advanced medical needs isn't something people generally want to do. However, people may reach a certain point when they need hands-on care in their homes or a nursing home.