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Medicaid, a joint federal and state program designed to assist seniors with the staggering costs associated with long term care is a godsend for many New Yorkers. Unfortunately, the application process presents a labyrinth puzzle not easily deciphered, often leaving applicants and their families with more questions than answers.
The complex regulations and requirements of New York Medicaid are constantly evolving, making the risk of failure quite real. A small mistake can result in a denial of coverage, and significant financial losses.
Quite grueling, and all encompassing, the Medicaid application process need not be tackled alone. Senior Planning Services is a professional firm entirely focused on helping families navigate the maddening Medicaid maze and achieve Medicaid benefits. A comprehensive service, Senior Planning Services assists in every single aspect of the application process beginning with an initial consultation through the final approval.
With over a decade of experience in dealing with the Department of Social Services, Senior Planning Service has the resources, knowledge, and know-how to circumvent common pitfalls and challenges, and expediently and proficiently file your Medicaid application ensuring a secure financial future. Today Medicaid is a program that provides health coverage to over 60 million Americans, but from the very beginning, it was created with the Senior in mind. Quality long term care is exceedingly costly, and with the ever growing life expectancy rate, it is almost entirely unavoidable. Even if someone works their whole life, studiously putting away a portion of their earnings, chances are, they will still be short on funds if they are committed to a skilled nursing facility.
Enter Medicaid. For those with limited assets, Medicaid will fill in the gaps, and cover otherwise unattainable high quality long term care. While this is a tempting solution, the myriad guidelines governing eligibility make it quite difficult for the uninitiated to secure the benefits they deserve. NY Medicaid Eligibility
Before all, Medicaid looks to establish three fundamentals.
• Financial status
• Medical Need
• Citizenship status
To qualify for Medicaid, one must be a 65+ and/or disabled US citizen or qualified alien. NY Financial Eligibility Requirements In order to be eligible for NY institutional Medicaid, one must spend down their funds until they reach the Medicaid asset limit. In NY State, the asset limit is $14,850 for a single person and $21,750 for a couple in which both spouses are getting onto Medicaid. If only one spouse is being admitted to a facility, the community spouse can keep a minimum of $74,820.00 or up to 50% of the joint liquid assets. However, the assets may not exceed the maximum of $119,220.00. If the 50% portion exceeds $119,220.00, it would need to be spent down to meet the cap. The assessment of joint liquid assets is performed from the first day of the month the institutionalized spouse enters a facility, generally referred to as the snapshot date.
It is also important to note that Medicaid request to see the last 60 months of financial statements for the Medicaid applicant. If Medicaid locates any gifts or transfers in the financial history within the five years prior to the Medicaid eligibility date, a penalty will be imposed. A penalty is a span of time that an applicant will be ineligible for Medicaid, and will correlate to the amount of money that was gifted. What Senior Planning Services can do outlined above are some of the basic eligibility requirements, however, there are many caveats and exceptions to these rules that need to be taken into consideration.
Senior Planning Services will guide you through the detailed processes of the following:
• What assets are Countable/Non-countable
• Promissory Notes
• Spousal Refusal
• Spend down Process
• Spousal Cases
As experts in the industry, we are not only intimately involved with every aspect of the Medicaid system we also have exclusive working relationships within the Department of Social Services. Additionally, Senior Planning Services does not merely clarify guidelines for our clients. Personalized caseworkers walk the families through every step of the process implementing the advice given from start to finish.
When you engage in our services we:
• Offer a free Medicaid Consultation
• Assist in obtaining 60 months of bank and financial statements from financial institutions back offices.
• Assist in obtaining verifications from banks regarding deposits and withdrawals
• Guide families through the spend-down process
• Assist families in utilizing non countable assets during the spend down process
• Provide guidance with asset preservation
• Assist clients in the process of liquidating life insurance policies, annuities and stocks etc.
• Obtain missing documentation from Vital Statistics, if necessary
• Update client on status on a constant basis
• Interact with the Department of Social Services caseworker regularly
• Submit application to the county Departments of Social Services
Senior Planning Services is just a free phone consultation away
The Medicaid process….Simple. Give us a call at Toll Free at 1855-S-Planning.