As the senior residents of Flushing, Queens get older, making sure that they receive the medical care they need is of vital importance. Paying for long term care can cost up to $15,000 per month, so planning ahead is crucial. Some seniors have purchased long term care insurance. Others have sufficient savings to afford in home care or even nursing home care. However, for the majority of Flushing residents who have not purchased long term care insurance or who can not (or do not wish to) spend thousands of dollars a month for long term care, Medicaid may become necessary at some point. If you have never thought enough about your long term healthcare options, it’s probably a good time to discuss the matter with a medicaid or elder lawyer. For now, I will try to share some valuable information regarding qualifying for medicaid in NY and help get you going.
Medicaid is a joint state and federal program which provides medical and long term care coverage for residents below certain income and asset levels. More about qualifying for Medicaid can be found by clicking here. What New York residents may not know is that while Medicaid doesn’t count your home as a resource if you reside there, they will come after your home when you pass away, leaving your children with the bill. As such, it is important to consider the various options available in order to effectively protect your home from Medicaid liens and recovery. If planned properly, seniors can receive the car they need while protecting the assets they worked so hard for. Such planning options include trusts and life estates, and should only be implemented in consultation with a qualified Queens elder lawyer.
Contributed by Roman Aminov:
Law Offices of Roman Aminov 147-17 Union Tpke, Flushing, NY 11367 (347) 766-2685 aminovlaw.com