Do you worry that as you grow older, your body will give out and you'll become ill or incapacitated?
 

Do you wonder how you will possibly pay for health care should something happen to you?
 

Are you secure in the knowledge that you have sufficient assets to cover any eventualities?
 

Are you worried that you will eat up your estate with medical fees rather than leave your assets to your loved ones?
 

Can your spouse keep joint assets or does he/she risk losing assets to pay for your care? 

Government Benefits: 

• Did you know that you there are ways to receive  government benefits even if you have assets and you have a current  income stream? 
  
   
  • Medicare: A federal government subsidized insurance supplement program that covers certain medical expenses of people aged 65 or older. 
  • Medicaid: A program  run by the state governments to pay for long term health care  for those seriously ill or disabled who cannot afford to pay for  coverage on their own. 
  • Social Security Benefits: A  government program aimed at giving benefits to retired individuals and  those with disabilities.  It is an insurance program that pays benefits to you and to certain loved ones if you worked long enough and paid social security taxes. 
  • VA Benefits: If you are a veteran, you may be eligible for monthly benefits as well as insurance  supplements and death benefits.  The VA provides for general benefits, service related disability benefits, programs for veterans with limited  income, education and training for veterans, home loans and dependent,  survivors' benefits, burial and memorial benefits, insurance and other  miscellaneous benefits as well. 

• Can you become eligible for Medicaid coverage? 
  
  The New York State Department of Health set forth the following guidelines:
  
   
  • The following is an HRA Chart with income and resource (asset) requirements for New York State: 
  • The chart below shows how much income you can receive in a month and the amount of resources (if applicable) you can retain and still qualify for Medicaid. The income and resource (if applicable) levels depend on the number of family members who live with you.
     
          

 Income and Asset Requirements:

• Income and Resource Levels are subject to yearly adjustments.  You may also own a home, a car, and personal property and  still be eligible.
• The income and resources (if applicable) of a legally responsible relative who lives in the household will also be counted.    

Community Based Medicaid - Home Health Care Aid:  

• What is it?  For those that need assistance daily in the form of a home care aidebut  wish to stay in their home, this is a perfect solution.  Medicaid will  pay for long term care at home under certain instances. 
• Income Requirements: Broadly  speaking, in order to qualify a person cannot make more than $859 per month individually.  Just  because you receive more income than this amount per month, however,  does not  mean that you are not eligible for benefits.  It just means that you  may have to contribute to some of the payments for a home health care  aide or create a Pooled Income trust where you can put any excess income above this amount, and still use it every month for yourself.  Medicaid understands that it cost a lot to live in New York and therefore, you are allowed to have your income, even if you make too much, however, it must be put in a pooled trust so that Medicaid can make sure that you use your income for yourself and not someone else.
• Assets Requirements: $15,450  for individuals and $22,800 for married couples.  There are ways to  remove assets from your estate, legally, so that you can meet this requirement.  Ask me how to protect your assets and still qualify for Medicaid!!!
• Maximum Home Equity: under $858,000.  Ask me how to qualify even if your home is worth over this amount!!!   

Institutional Based Medicaid - Nursing Home Care Aid: 

• Income Requirements: Individuals are allowed a $50 personal needs allowance per month
• Asset Requirements:  $15,450  is the maximum allowed resource figure, as shown in the chart above.  Medicaid looks back 5 years to see that no transfers were made.  However, there are exceptions to this rule and there  are also ways to avoid handing over all of your assets to a Nursing Home  and still benefit your heirs and receive Medicaid.  As me about the note/gift planning that can save at least some of your assets even if you suddenly have to enter a nursing home!!!

When can you apply for Medicare and Social Security benefits? 

• At age 65 you can apply or earlier if you become disabled. 

Relevant Links to local agencies that can assist your Elder:               
Government Offices: 

• Medicare:  http://www.medicare.gov/ 
• New York Medicaid: http://www.health.state.ny.us/health_car/medicaid/ 
• Social Security: http://www.ssa.org 
• Veterans: http://www.va.org 

Local Offices:

• Local Homes and Retirement Communities: http://nursing-homes.aplaceformom.com/new-york/ 
• Senior Services Agencies: http://www.cscs-ny.org/ 
• Health Care Coverage: http://www.nyc.gov/aging 
• Links to more Agencies: http://www.wsiaca.org/resourcedirectory/ 

Disclaimer: This site is provided for informational purposes only.  While legal issues are discussed, it is not legal advice or legal representation. We make no warranties or guarantees as  to the accuracy and authenticity of the information provided herein and  suggest that you speak to an attorney to discuss your particular  situation.