Although it may not seem that Covid-19 is a thing of the past, according to New York State’s Medicaid program, some of the relaxed rules enacted during the pandemic are quickly coming to an end. What Is Changing? During the…
MEDICAID 2023 UPDATE COMMENCING JANUARY 1ST, THERE ARE NEW MEDICAID AMOUNTS AFFECTING MEDICAID ELIGIBILITY. 2023 ASSET AND INCOME ALLOWANCES One Person Two People Income Level *including $20 unearned income disregard $1,697 $2,288 Medicaid Resource Level $30,182 $40,821 2023…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on November 22nd to discuss "Medicaid Home Care: Know Your Legal Rights" https://www.youtube.com/watch?v=j9RyyNq4VWo Vincent J. Russo addresses the Medicaid Home Care Eligibility…
When discussing estate planning and Medicaid planning, the phrase “life estate” is sometimes mentioned, but what does it mean? A life estate is a form of joint ownership of a property that allows one person to remain in the home…
Can I get Medicaid if I live with my daughter? If your parent is living with you, they can still qualify for Medicaid. It is very common for a parent who is ill, or one that requires some care, to…
Medicaid eligibility rules are complicated. Many people are confused by the lookback period. And often, people aren’t sure how asset transfers can make an impact when applying for Medicaid. The Lookback Rule New York’s law on Institutional Medicaid imposes a “look-back” period of…
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Let’s start by defining the trust. Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is created to shield assets from Medicaid…
The average cost of nursing home care in New York is astounding! The general range is between $13,000-$20,000 per month. There are three forms of accepted payment: Private pay (from your own pocket); Long-term care income (if you are fortunate…
Healthcare costs can be extremely expensive, especially so when considering the care of an incapacitated person. Depending on the nature of the person’s incapacities, they could require significant amounts of home care or placement in a residential facility offering care…
Medicaid is not in the market to own people’s houses. However, that does not mean that the value of your home isn’t exposed without proper Medicaid planning. An individual looking to qualify for Medicaid for either Community or Nursing Home…