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    Add as FriendMedicaid Planning in New York

    by: Barton P

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    1 : Medicaid Planning in new york
    2 : The Need for Long-Term Care
    3 : The average life expectancy of an American has increased about 30 years in just over a century
    4 : We still face the same age related medical problems as we age
    5 : ALZHEIMER’S alone is now the 6th leading cause of death in the United States
    6 : 1 in 3 seniors will die with the Alzheimer’s or a similar disease
    7 : 2 in 5 seniors will need long-term care at some point
    8 : By 2050, experts estimate that the number of people using long-term care services will be around 27 million – double the number who were using long-term care in 2000
    9 : Why You May Need Medicaid
    10 : In New York, 1 in 5 seniors depends on Medicaid Neither Medicare nor most private healthcare policies cover long-term care In New York City, the average cost of a year of long-term care is $136, 200 Medicaid does cover long-term care costs
    11 : New York Medicaid Basics
    12 : MEDICAID is intended to provide healthcare coverage for low income individuals and families
    13 : Medicaid is primarily federally funded but state administered
    14 : Applicants must meet income and resource guidelines to qualify
    15 : In New York, a senior applying for Medicaid cannot have countable resources of over $14,550 ($21,450 for a married couple) as of 2014
    16 : Income and resource limits are slightly different for long-term care benefits depending on the applicant’s circumstances
    17 : Not all assets are countable resources
    18 : A home, vehicle and personal belongings, for example, ARE USUALLY EXEMPT
    19 : Five Year Look-Back Period
    20 : Medicaid employs a five year “look-back” period when evaluating an application
    21 : Typically, the value of the asset transferred during the look-back period is attributed to the applicant as if the transfer was never made
    22 : If your assets exceed the program limit as a result of transfers made during the look-back period, you will incur a penalty period
    23 : Length of the penalty period is calculated by dividing the value of the asset by the average monthly cost of long-term care in your area
    24 : Medicaid Planning
    25 : At this point you likely have a better understanding why Medicaid Planning is so important
    26 : Starting early is the key to ensuring that you will qualify for Medicaid benefits to pay for long-term care should you need it at some point in the future
    27 : Medicaid planning is perfectly legal
    28 : However, the laws are complex and ever-changing which is why you should depend on your estate planning attorney for guidance and assistance when creating a Medicaid plan
    29 : Learn More About Supplemental Needs Trust in New York Learn More About Medicaid planning in New York
    30 : bartonlevine

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