70% of adults aged 65 years and older will require long-term care at some point in their lives. A majority of them will be able to afford the expense out-of-pocket or through long-term care insurance.

The only other option is Medicaid, a government program that covers long-term care for people with limited income and resources. However, legal planning can qualify you for Medicaid without spending down your life savings and assets!

Our Albany Medicaid Planning Lawyers at Pierro, Connor & Strauss, LLC are highly experienced in customizing a plan that enables you or a loved one to receive the care needed at home or a senior facility.

What Is Medicaid?

Medicaid is a government benefits program that provides coverage for medical expenses and long-term care to those who meet certain financial criteria. It is a federal program administered by states, so eligibility varies according to state laws.

Because Medicaid is needs-based, income and asset guidelines are strict. Fortunately in New York, the program is much more generous in its eligibility levels compared with other states.

Currently, the average cost of a private room in a nursing home in New York is $12,927 per month. That comes out to more than $155,000 per year. Although staying at home to receive care is a possibility, that is also an expensive option. In Albany, the hourly rate for in-home health aides averages between $27-$29.

Due to the huge expense involved in long-term care, more than six million New Yorkers find they must receive federal and state assistance to receive necessary care.

Albany Medicaid Planning Team

Louis W. Pierro
Aaron E Connor
Frank E. Hemming III

Contact us today for a FREE consultation

New York Medicaid Qualifications

To qualify for New York Medicaid, you must meet the following criteria:

  • Permanent New York State resident
  • Age 65 or older or have a severe disability, such as blindness
  • Meet medical requirements
  • Meet maximum assets and eligibility requirements

Important Considerations for Long-Term Planning

Currently in New York State, there is no lookback for Medicaid Home Care, also known as Community Medicaid. It’s a great advantage for people who seek legal counsel for trust planning to qualify them for home care paid for by Medicaid. Rules are expected to restrict this opportunity in 2025.

Keep in mind that when it comes to in-home health care, your own medical professional cannot prescribe it for you. You will need an independent physician, approved by the New York State Department of Health, to make this determination.

For those who require nursing home care, however, planning is needed five years before you or your spouse enters a long-term care facility. New York has a lookback period of 60 months for skilled nursing. This means that Medicaid will delve into any asset transfers made by you or your spouse during that timeframe to ensure that none were sold or gifted under the fair market value. The lookback prevents people from gifting assets to qualify for Medicaid.

If planning hasn’t been done within the five-year period, elder law attorneys can take steps to save a large portion of your assets and still qualify you for Medicaid benefits immediately.

In summary, Medicaid planning is not only complex, but regulations change frequently. That’s why it’s so important to have an experienced New York estate planning attorney on your side who understands the intricate ins and outs of the law and knows what strategies will work to get you the medical benefits you need while protecting the assets you worked so hard over a lifetime to secure.

Medicaid Planning Lawyers in Albany

The Medicaid lawyers at our firm have the skills and knowledge necessary to help you cover the exorbitant cost of long-term care while also protecting your assets. The elder law team at Pierro, Connor & Strauss not only customizes a legal plan for each client; they also prepare and submit Medicaid applications. Contact our experienced attorneys today to learn more.

Life Happens…..Are You Prepared?

Contact us today for a FREE consultation and we’ll be happy to help take the worry out of tomorrow so you can live today.

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