New York Medicaid

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 NY Medicaid application process presents a labyrinth puzzle not easily deciphered, often leaving New York Medicaid 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 NY 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 NY Medicaid 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 NY 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 Medicaid eligibility in NY make it quite difficult for the uninitiated to secure the benefits they deserve.

Need help applying for New York Medicaid? We can help!

Contact Senior Planning Services today to learn more

Asset allowances document checklist

What is Medicaid?

Medicaid is a safety net. One of its primary purposes is to fund the costs of nursing facilities and Home Care. The average cost of a nursing home in New York is $10,000 per month, or $120,000 per year. If you qualify, Medicaid can help offset these costs, ensuring you receive a high level of care even if your savings can&rsqt pay for it all.

Who Is Eligible for Medicaid?

The Medicaid program is designed to help people pay for the often-staggering costs of nursing homes and other long-term care options, but there's a caveat. You must adhere to numerous rules and regulations to receive benefits.

To qualify for Medicaid nursing homes in New York, you must:

Be a legal U.S. citizen or qualified alien
Be a resident of New York
Meetincome and asset requirements
Be 65 years of age, blind or permanently disabled

Financial Requirements

requirement 1

To qualify for NY Medicaid, one must be a 65+ and/or disabled US citizen or qualified alien.

assets

In order to be eligible for NY institutional Medicaid, one must spend down their funds until they reach the Medicaid asset limit. As of 2024, the asset limit is $31,175 for a single person and, $42,312 for a couple in which both spouses are getting onto NY Medicaid.

It should be noted that Medicaid does not allow gifts or transfers within five years prior to getting onto Medicaid. If Medicaid does locate a gift or transfer, they will impose a period of ineligibility for Medicaid coverage. The period of ineligibility is also referred to as a penalty, and it will correspond to the amount of money that was gifted or transferred. Medicaid seeks to see the last five years of an applicant's financial transactions (there are some excludable transfers that Medicaid will allow an individual to do).

financial statements

It is also important to note that Institutional Medicaid New York requests to see the last 60 months of financial statements for the Medicaid NY applicant. If Medicaid locates any gifts or transfers in the financial history within the five years prior to the NY 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 NY Medicaid eligibility requirements, however, there are many caveats and exceptions to these rules that need to be taken into consideration.

Our Medicaid Planning Services

Offer a free Medicaid Consultation
Gather 60 months of bank and financial statements from financial institutions back offices.
Obtain 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

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

The experts at Senior Planning Services are just a phone consultation away.
Let us replace your stress and anxiety with direction and clarity.

Give us a call at 855.775.2664 or