A longer "look-back" period:
Currently, an individual in New York is not eligible for Medicaid if he or she has more than $4,350 in resources. Assets transferred without compensation during the look-back period are deemed to be available resources. Under prior law, the look-back period on transfers to family members or friends was 36 months, and on transfers to trusts was 60 months.
Look-back period increased to 60 months on all transfers of assets:
The DRA increased the look-back period on all transfers of assets to 60 months. This means that, in order to apply for Medicaid, an individual must produce a full five years worth of financial records, no matter who received the transferred assets. Consult a NY Medicaid Attorney at Lamson & Cutner, P.C. to find out more about how the look-back period can affect your circumstances.
Equity in home counted as resource:
Under the DRA, if a Medicaid applicant in New York has equity in his or her home in excess of $750,000, such excess must be counted as a resource on the application for Medicaid. (This rule does not apply when the spouse or minor, blind, or disabled child lives in the home.) Under prior law, a home was generally exempt regardless of its value.
Medicaid planning has become more difficult and more complicated than ever before. Nevertheless, good strategies and solutions are still available. Seniors and their families will want to consult a qualified NY Medicaid attorney before taking any action that may compromise their rights, or their ability to obtain benefits to which they are or might be entitled.
Contact the Elder Law lawyers at Lamson & Cutner in NYC to schedule a confidential consultation to discuss whether a Medicaid Benefits strategy is appropriate for you, and, if so, what plans you should make to preserve your savings and conserve your income. Call Toll Free 866-524-1818 to schedule an appointment. |
