Qualify for government assistance without forfeiting all your assets
There are two major government programs that address healthcare: Medicare, which is an insurance program, and Medicaid, which is assistance. While Medicare is open to anyone older than 65 years of age, Medicaid is strictly limited by financial status. Individuals who need long-term care are at risk of having to spend down to qualify for Medicaid assistance, thereby losing assets for retirement and even their home. As part of your estate plan, Mark H. Weiss, P.C. works with you to structure or transfer your assets legally, so you can qualify for Medicaid and receive the custodial care or long term care you require.
Avoiding transfer penalties during look-back periods
While the law permits a transfer of assets from an individual person to a trust or a beneficiary for estate planning purposes, it does not allow a disabled person to hide assets for the apparent purpose of qualifying for medicaid. New york looks back 60 months for nursing home candidates from the date of the medicaid application and counts property transferred during that period as part of the elder’s assets. There are certain exemptions that apply, including the ability for a married individual to transfer assets to his or her spouse. For Home Care Candidates, transfer penalties do not apply and, if proper transfers are made, an individual may immediately qualify for these benefits. There are also limits on how much income you can have, based on your marital status.
With so many considerations, early medicaid planning is vitally important. However, even if you’ve failed to plan for medicaid in advance, Mark H. Weiss, P.C. Can help you manage your assets to take advantage of legal exemptions to preserve as much of your wealth as possible.
Medicaid planning basics
There are two types of Medicaid. Community Medicaid assists you when you’re able to live outside of an institution. Transfer penalty rules do not apply. Property and income exemptions differ according to marital status. Mark H. Weiss, P.C. can establish pooled trusts that enable you to keep much of your income above the allowable standards.
Nursing Home Medicaid (chronic care) does have transfer rules and penalty periods, but certain assets may be exempt and certain transfers are exempt. Property and income exemptions are significantly different depending on whether you are married or single.
Mark H. Weiss, P.C. guides you through the process to ensure that coverage is granted. We make every effort to protect your assets and secure all your available exemptions.
Claims, disputes and charges of fraud
Dealing with a huge, impersonal bureaucracy, such as New York Medicaid, takes specific knowledge of the law and administrative procedures. Mark H. Weiss, P.C. advocates for Medicaid recipients in disputes over claims and allegations of fraud. We are thoroughly dedicated to ensuring that you receive the benefits to which you are entitled and provide skilled and thorough representation at Medicaid hearings.
The Medicaid application process can be complicated and cumbersome. Medicaid requires production of numerous personal documents and financial records for all accounts that have existed in the past 60 months. Oftentimes, explanations are required as to your transactions. Our office prepares Medicaid applications, submits all documentation, and handles all communications with Medicaid offices to insure the granting of benefits. Our office insures that any exemptions to which are legally entitled shall be taken.