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Medicaid is a government-funded program in the United States that provides healthcare coverage to eligible low-income individuals and families. It is jointly administered by the federal and state governments, with each state having its set of rules and eligibility criteria within federal guidelines. Medicaid covers a broad range of health services, including hospital stays, doctor visits, long-term care, nursing facility services, and more.
Unfortunately, Medicaid eligibility rules in New York can be stringent. If you make over a certain amount of income or have a large number of liquid assets, you will not be eligible to receive Medicaid even though you may have no other way to access medical resources. A Medicaid planning attorney can help you plan your finances so that you meet the eligibility requirements and receive the care that you deserve.
Pitta & Baione LLP is knowledgeable about legal issues that may present obstacles for individuals and families who need to access Medicaid benefits, and we can work with you to manage your finances accordingly. If you have any questions about the services we offer, we encourage you to contact us for a free consultation.
What is Medicaid Planning?
Medicaid is designed to ensure that vulnerable populations, such as children, pregnant women, elderly adults, and individuals with disabilities, have access to necessary medical care and support. However, because of limited funding, access to Medicaid is reserved for low-income individuals and families. This means your specific eligibility for Medicaid in New York will depend on your age, income, and whether you have any disabilities. Generally, most individuals are only eligible if they make under $33,584 (as of January 2024), and for those who are disabled, blind, or age 65 and over, this may include assets such as savings or retirement funds.
If you make more than the maximum income or have considerable liquid assets, you might still be able to gain access to Medicaid benefits through Medicaid planning. A Medicaid planning attorney familiar with the laws and restrictions surrounding Medicaid eligibility can help you restructure your assets so you may qualify for Medicaid benefits.
The Role of a Medicaid Planning Attorney
It is generally inadvisable for individuals and families to perform Medicaid planning on their own. This process involves a thorough understanding of estate laws as well as the rules that govern eligibility for government-funded healthcare programs. An attorney can help protect you and your family by ensuring that your Medicaid planning is legally sound and compliant with all relevant laws.
Services Offered by a Medicaid Planning Attorney
In general, a Medicaid planning attorney helps their clients navigate the legal complexities involved in applying for and receiving Medicaid benefits. The individual services offered by a Medicaid planning attorney are numerous, but a few of the most common (and arguably the most important) include long-term care planning, estate planning, as well as legal assistance and representation.
Long-Term Care Planning
Medicaid is most commonly utilized by elderly individuals who have saved up for retirement and long-term care planning options, such as in-home nurses and retirement communities. The problem is that Medicaid counts certain assets against them when determining their eligibility, making it difficult to save money for retirement while also remaining eligible for healthcare and other benefits.
One common way that a Medicaid planning lawyer can help is by establishing an irrevocable trust, which can protect certain assets from being counted toward Medicaid eligibility. In this type of trust, assets are transferred out of the individual’s ownership, thus shielding them from Medicaid’s asset limits. However, these trusts must be set up well in advance due to Medicaid’s five-year look-back period, during which any transfers could be penalized.
Another effective strategy commonly utilized by our Medicaid planning attorneys is converting countable assets into exempt assets. Medicaid has specific rules around which assets can be considered countable towards eligibility limits. For example, your primary residence or personal belongings are typically exempt in New York. By strategically converting liquid assets or savings into exempt forms, such as purchasing a more valuable primary home or investing in a Medicaid-compliant annuity, you may be able to reduce your countable assets. This approach can help you meet Medicaid’s stringent financial criteria without needing to reduce your wealth.
Estate Planning
While the primary role of a Medicaid planning lawyer is to make sure that you are eligible for Medicaid, your attorney is also a valuable resource for navigating your estate planning requirements. Our Medicaid planning attorneys can guide you to different types of estate planning methods, including drafting a will, a living will, or a trust.
Assistance With Medicaid Applications and Appeals
Our Medicaid lawyers can walk you through the Medicaid application process and discuss any issues that may come up concerning your eligibility. If your application is denied, we can also advocate on your behalf during the Medicaid appeals process.
Benefits of Hiring a Medicaid Planning Attorney
Planning an estate is complex – things can get tricky due to numerous state and federal regulations on Medicaid eligibility. If you are not familiar with these, you may not only be disqualified from accessing Medicaid, but you may also find yourself in serious legal trouble if you inadvertently break the law in the process. The primary benefit of hiring a Medicaid planning attorney is the peace of mind that comes from knowing your planning is legally sound.
At Pitta & Baione, our Medicaid planning attorneys are experienced in helping individuals like you meet Medicaid eligibility requirements. We will discuss your estate planning goals and work with you to ensure that your retirement plans become a reality.
How to Choose the Right Medicaid Planning Attorney
It is important to choose the right Medicaid planning attorney to help ensure that your interests are adequately protected. While looking for a Medicaid planning lawyer in New York, it is a good idea to research and evaluate prospective law firms’ credentials, experience, and reputation. Many Medicaid planning lawyers’ websites will have a list of client testimonials and reviews so you can hear firsthand how your prospective lawyer has made an impact on the lives of their clients. Once you narrow down your list of potential law firms, schedule consultations to discuss your situation and assess compatibility. An experienced Medicaid planning attorney will take the time to understand your goals and help you accordingly.
Hire a New York Medicaid Planning Attorney at Pitta & Baione LLP
At Pitta & Baione LLP, we have decades of experience providing high-quality legal representation to the people of New York. We can work side-by-side with you every step of the way to help ensure that you are able to receive Medicaid benefits when you need them. If you have any questions or would like to schedule a free consultation, you may reach out to us through our online contact form. We look forward to planning your future together.
