The New York State Department of Health defines Medicaid as “a program for New Yorkers who can’t afford to pay for medical care.” While this is certainly true, it provides only a portion of the full explanation of Medicaid. In fact, Medicaid is available to everyone. Only through careful Medicaid planning, however, can many people actually obtain Medicaid benefits.
All too often, an individual finds themself in the position of needing long term care but being unable to afford it. And in this time of ever-changing health care costs and plans, providing for long term care can seem additionally daunting.
Medicaid planning is a way to ensure that an individual allocates his or her assets in such a way that, should the time come and necessity arise, Medicaid benefits are available to them. An individual may only claim a certain amount of combined income and assets per month to be eligible for Medicaid. This total number depends upon marital status and children, among other factors. Maintaining a threshold of resources below the standard is essential to maintaining Medicaid eligibility. The amount of coverage available through Medicaid is also subject to restrictions and limits, even when an individual is safely below the personal income threshold.
The process of Medicaid planning can seem fairly confusing at first glance. It can be difficult for an individual to maneuver through the intricacies of the system. Fortunately, a capable Medicaid planning attorney can illuminate the process. Far too many people leave money on the table when it comes to potential long term health care. Speak to an attorney at Gallivan and Gallivan today to ensure that, should you need them, the full benefit of Medicaid coverage is available to you.