If you are currently enjoying your golden years but are looking at the need for long-term care in the near future you are likely concerned about how you will pay for that care. Like many seniors, you may ultimately turn to the Medicaid program for help covering the high costs of long-term care. Given the numerous myths and misconceptions about the Medicaid program you may also be concerned about depending on Medicaid for help. Specifically, you may be wondering “ Will the government take my home if I qualify for Medicaid? ”
Statistically speaking, you are among the majority of seniors if you are in need of long-term care. With an average yearly cost of over $144,000 in New York and an average stay of 2.5 years, the costs associated with long-term care can quickly deplete a lifetime of working and saving. Because neither Medicare nor most private health insurance policies cover long-term care costs, a significant percentage of older Americans turn to Medicaid for help covering long-term care expenses. Before Medicaid will start picking up the tab though you must first qualify for benefits.
Medicaid looks at both your income and your countable resources when determining eligibility. While your income may easily fall below the program limits, countable resources may be a problem. This is one reason people fear they will lose their home when they apply for Medicaid.
The other concern is the Medicaid Asset Recovery program. In essence, the Asset Recovery program attempts to secure repayment for funds expended on a participant by filing a claim against the recipient’s estate after death, through probate.
The key to protecting your home and other estate assets is to include Medicaid planning in your overall estate plan. If you have additional questions or concerns about Medicaid planning or estate planning in general, contact the experienced New York estate planning attorneys at The Law Offices of Kobrick & Moccia, by calling 800-295-1917 to schedule your appointment.