Medicaid in New York is a government medical assistance program that gives individuals and families access to health care that they may not have otherwise. New York Medicaid is also offered to people with disabilities and the elderly that need assistance with the rising cost of long-term care in New York.
Understanding New York Medicaid Eligibility
New York, like most states, allows a single applicant to own only $15,750 (in 2020) in non-countable assets (a primary residence and some other assets don’t count) in order to be financially eligible for Medicaid in Nassau, Suffolk and surrounding New York counties. Other examples of assets that don’t count toward the $15,450 are certain life insurance policies and prepaid funeral and burial plots.
There are several important areas where New York Medicaid eligibility is very different than other states. For example, assets such as IRAs and qualified pension plans and life estates have been treated much more favorably in New York than in some other states.
There are several New York Medicaid planning techniques that can work for you in New York, but the results can vary county by county. Because Medicaid rules vary from state-to-state, it is important to work with a New York Medicaid lawyer who is very familiar with the workings of Medicaid in the state where you will receive Medicaid.
New York Medicaid Rules
Medicaid rules vary from state to state. Unfortunately, it’s easy to make a mistake or get well-intentioned but bad advice. Whether you work with our New York law firm or not, please don’t try to do-it-yourself when it comes to your New York Medicaid applications.
Russo Law Group, P.C. helps you and your loved ones handle Estate Planning, Elder Law, Special Needs Planning, Medicaid Planning, Trust & Estate, Guardianship, Small Business Planning, and Real Estate Law. We welcome you to contact our Garden City, Lido Beach, Islandia, or Manhattan, New York law offices to learn more about how we can help address your Medicaid planning legal matters.