Long-term care insurance is a great vehicle for covering medical costs associated with a nursing…
** This article has been revised from its original version which was published on November 29, 2016.
Medicaid Managed Long-Term Care Providers (MLTCs) came into existence as part of the NYS Medicaid redesign—an attempt by NYS to provide quality care under the Medicaid program while controlling costs. MLTC plans are in place to help care for the disabled or chronically ill. They provide access to home- and community-based services needed to keep people comfortably in their homes.
In the past few years, MLTC providers, like EmblemHealth and GuildNet, dropped out of the overburdened Medicaid program. The New York State Department of Health transitioned clients to other MLTC providers and was forced to consider paying more money to providers and their employees to continue a much-needed program for seniors and younger people with disabilities. Many were worried about the future.
Only experienced elder law and estate planning attorneys in New York understand the current legislation and Medicaid eligibility processes to ensure you or your loved ones receive the maximum benefits for long-term care. Whether proactively planning or in a crisis, professional advice is critical.
Shifting Medicaid Laws and Long-Term Care Planning
At Russo Law Group, P.C., our elder law and estate planning attorneys in New York have kept an eye on evolving legislation that may impact our clients and communities. We assist families with long-term care and Medicaid planning needs while ensuring compliance with ever-changing laws. It’s important to evaluate current financial resources and maximize government benefits to find the right solutions.
The following statistics impact long-term care planning in 2023:
- Social Security benefits have increased by 8.7%.
- Medicare benefits for short-term hospital stays include deductibles at $1,600 with co-insurance of $400/day. Short-term skilled nursing facility co-insurance is $200/day. Medicare part B premiums for doctors and health care provider services have been reduced to $164.90.
- The New York State Department of Health has adjusted the resource and income allowances in 2023 to $28,133 per individual and $37, 902 per couple, with an income allowance of $1,563 per month.
- The institutional Medicaid (nursing home) resource allowance is $28,133, with an income allowance of $50 per month. The community spouse allowance is $148,620 with minimum monthly maintenance needs at $3,715.50.
- The federal estate tax exemption has increased to $12.92 million.
- The annual federal gift tax exclusion has been raised to $17,000 per beneficiary per year.
- The Community Medicaid (in-home care services) lookback period is delayed once again until March 31, 2024.
Maximizing New York Medicaid Long-Term Care Services
If you’re not sure how these changes can affect your Medicaid eligibility or long-term care needs, reach out to Russo Law Group, P.C. Increases in resource and income allowances, along with the Community Medicaid lookback extension, may:
- Allow you to keep more of your assets and income while still qualifying for benefits
- Transfer more assets without incurring a Medicaid penalty
- Keep more of your income if you are currently using a pooled trust
When implementing an estate and long-term care plan, it’s important to consult with and retain experienced elder law and estate planning attorneys in New York for complex Medicaid and long-term care planning. The knowledgeable and compassionate team at Russo Law Group, P.C., provides professional services and advice regarding long-term care expenses, asset transfers, gifting, penalty periods, pooled trusts, and more. Take advantage of our comprehensive website as well as our free seminars and webinars to learn more about how Russo Law Group, P.C. provides peace of mind. Please contact our law firm to speak with one of our experienced elder law and estate planning attorneys today at 1 (800) 680-1717.