Medicaid and Medicare are both federal health insurance programs, but there are important differences. While Medicare provides health insurance for people age 65 or older, it does not pay for extended care such as nursing home or assisted living or other long-term care. These extended care costs can only be covered by Medicaid, but in order to qualify for Medicaid, a person's income and assets must fall below a certain level.
If assets are above the threshold, a patient may have to enter a nursing home on a private payment basis and "spend down" to the Medicaid eligibility level before receiving coverage from Medicaid. The individual's home is excluded from the assets calculations, Medicaid can bill the estate for care after the patient passes away. And Medicaid has a "look-back" period, during which certain gifts affect eligibility, preventing a person from simply giving his or her property to his or her children before entering a nursing home.
Fortunately, you don't need to exhaust all your assets to meet the Medicaid "spend down" requirements. Frederick J. Kramer Attorneys and Counselors of Law can employ different asset protection strategies that protect certain assets while ensuring that you are able to take qualify for Medicaid eligibility to pay for long-term care.
Frederick J. Kramer a Medicaid planning attorney located in Farmingdale NY can provide the details and implications of the Medicaid rules. We have decades of experience in protecting your assets, and we can advise you as you plan for your future and your particular situation.
We can prepare and submit your Medicaid application and represent you before the local Medicaid agency. You can approach the application process confidently, knowing that you have an experienced Medicaid application lawyer working for you.