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One Of New York's Most Recognized Legal Names in Medicaid Planning And Elder Law

medicaid planning for nursing home and home health care expenses Archives

Understanding countable assets and countable income for Medicaid

A substantial number of elderly New York residents will need some type of long-term care. Because this care can be expensive, many individuals often want to receive financial help through benefits programs like Medicaid. However, in order to receive such benefits, the potential recipient must meet the necessary qualifications. In particular, his or her countable resources and countable income cannot exceed a certain amount.

Do jointly held accounts affect Medicaid eligibility?

Many New York residents will need some type of financial assistance when it comes to paying for long-term care. Because of this need, individuals often look into applying for Medicaid. However, in order to qualify for this assistance, certain financial stipulations need to be met, and a person's assets can greatly affect his or her eligibility.

Does your veteran parent need nursing home care?

If you have an elderly parent who is a veteran, then you may know they are eligible for benefits through the Veterans Administration (VA). You may not know, however, exactly what those benefits are and whether they can help your parent who now needs nursing home care. Here are a few highlights from the complicated world of VA benefits to get you started:

Consider planning for care during Long-Term Care Awareness Month

November is Long-Term Care Awareness Month. Many New York residents may want to take some time in the near future to consider what options they would like to take advantage of in the event that they need such care. The majority of people over age 65 will need long-term care at some point, and planning for care can prove invaluable.

Plan ahead to address long-term care costs

While New York residents may not know for certain that they will need long-term care as they get older, it is a substantial possibility. While many people may hope that they will receive the necessary care if and when the time comes, hoping may not be enough. Instead, individuals may want to be proactive and plan ahead, especially to make sure they can afford needed care.

What amount of assets could be kept for Medicaid eligibility?

Many people know that nursing home care and other similar assistance is expensive. Of course, it is common for older individuals to need this type of care due to medical issues. When it comes to determining the best options for paying for care, some parties may wonder whether Medicaid may be able to help them.

Nursing home care may be necessary for some individuals

Most New York residents want to do what is best for their loved ones. In some cases, that may mean seriously considering placing a parent or other loved one in a nursing home. This thought can easily bring a number of emotions from guilt to relief, but this move may be necessary when a family member is at risk of suffering injury or other harm from living alone.

Planning for in-home or nursing home care for a loved one

Many people suffer cognitive decline as they get older. In some cases, the decline may be more severe than others due to diseases like Alzheimer's, and family members may need to make tough decisions on how to care for their ailing loved ones. It is not unusual for New York residents to want to care for a parent or other loved one themselves, but it is also possible that nursing home care may be necessary.

College savings may affect Medicaid eligibility

Many New York residents have savings goals they want to achieve. For instance, individuals who want to attend a certain college or who want to help their loved ones attend college may have an account set up to accumulate funds for that purpose. However, some concerns regarding those funds may come about if a person ends up in need of Medicaid.

Steps may need to be taken to obtain assistance through Medicaid

Many parts of New York residents' lives revolve around their finances. Even if money is not the direct issue, a problem could arise that may result in expenses that will need addressing. In particular, older people may be at risk of suffering health issues that could result in the need for financial assistance through Medicaid.

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