Medicaid Applications

Are You Fearful You’ll Need To Spend Down A Lifetime’s Worth of Hard-Earned Assets To Qualify For Medicaid Benefits?

It's a frightening prospect, but if you live long enough, you'll likely need increasingly exorbitant long-term care that could cost hundreds of thousands of dollars per year. Most people haven't thought about, let alone prepared for this daunting eventuality.

Medicare doesn't cover the cost of extended care at home or in a nursing facility. You'll need to apply for Medicaid if you don't have the financial wherewithal or long-term care insurance to cover six-figure, annual long-term care expenses.

While Medicaid covers medical expenses and long-term care for chronically ill and disabled people, it is intended as a safety net for those with limited assets and income. Eligibility for Medicaid hinges on stringent income and asset requirements - a maximum monthly income of $1,799.95 and $31,175 in assets.

To meet these requirements, many people would have no choice but to “spend down” or liquidate their assets, leaving them on the verge of poverty.

An Experienced Medicaid Applications Attorney in Lindenhurst, NY, Can Help

Most people are unaware of legal ways to avoid spending down their assets to qualify for Medicaid. Pursuing special needs Medicaid planning today for long-term care can make all the difference between securing necessary care and fighting for survival.

The Medicaid application process is complex, and if your application is rejected, the stakes are even higher in the appeal process. This complexity is why it's essential to have a knowledgeable advocate on your side to ensure your eligibility and access to crucial long-term care.

The attorneys of Hyl Conte Law, PLLC, have years of experience in Medicaid application process law. They can provide estate planning solutions that will prevent the financial vulnerabilities that Medicaid’s eligibility requirements can necessitate.

If you’re wondering how you can qualify for Medicaid despite having assets above the program limits, contact Hyl Conte Law, PLLC, today. While Medicaid requirements seem inflexible, there are solutions.

What Is A Medicaid Asset Protection Trust?

One method of meeting Medicaid’s asset and income requirements is to establish a Medicaid Asset Protection Trust (“MAPT”). Once established, the creator can transfer assets to the trust that will no longer be counted toward Medicaid’s asset and income limits. This strategy allows you to qualify for Medicaid, preserve the assets you worked so hard to achieve and avoid spending down assets to qualify.

While you would yield control or management of those assets to a trustee during your lifetime, you can still receive the income they generate. However, the principal must remain intact.

Other advantages include:

• The ability to designate beneficiaries
• Protection of trust assets from creditors, including long-term care creditors
• Protection from capital gains taxes if your home is transferred to the trust

The main disadvantage of a MAPT is timing. Ideally, you want to establish a MAPT years before you apply for Medicaid. When you apply, Medicaid has a five-year look-back period, meaning the last five years are audited to ensure an applicant’s property, income or investments weren’t transferred in an attempt to meet the plan’s asset limits.

Contact The Attorneys Of Hyl Conte Law, PLLC, To Ensure Your Future Care

The Medicaid eligibility attorneys of Hyl Conte Law, PLLC help Lindenhurst, NY, clients just like you plan for an uncertain future. In a best-case scenario, planning for your Medicaid application would occur more than five years before you apply. A knowledgeable attorney can still offer options, even if you don’t meet the five-year look-back requirement.

Contact Hyl Conte Law, PLLC Today To Simplify Medicaid Application Planning

Navigating the complexity of Medicaid’s application and meeting its asset requirements for long-term care can be anxiety-inducing, but you don’t have to brave it alone. The attorneys of Hyl Conte Law, PLLC are committed to empowering clients with practical information and options so they can confidently take control of their futures. Choose a firm that prioritizes the rights and dignity of older adults. Contact us today for an initial consultation.