Category: Medicaid New York

Medicaid Eligibility Criteria for Seniors

Post author By sps
Post date November 14, 2023

Income and asset limits for the Elderly

Sam is 69 years old and the proud owner of a home, a car, and a great life insurance policy. In addition, he still receives a monthly income of $3,500 from the supermarket he had founded. His physical health has deteriorated to the extent that it is clear to his spouse and children that he requires nursing home-level care. A quick online search reveals that the current income and asset limits in New Jersey for seniors are $2,742 income per month and a total of $2,000.00 in assets.

Unaware of the various options available to applicants in NJ and other states who are above the income limit, such as setting up a QIT, Sam’s family assumes that he is ineligible for Medicaid.

Recalling that their aunt – who only owned a car and several stocks and bonds – was unable to be approved for Medicaid when she required care, convinces them not to even waste their time applying.

Thus, they continue spending upward of $2,000 each month for a live-in caretaker, while pushing through the days and weeks until they’d be forced to pay the astronomical fees involved in nursing home care.

The Complexity of Medicaid Eligibility Criteria

What Sam’s family, among many other families struggling with the costs involved in caring for an aging, loved one, fails to realize is that there are different types of care available through Medicaid and that each category of income and assets are evaluated differently.

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Medicaid Recertification

Post author By sps
Post date October 18, 2023

Why is Medicaid recertification important and how do you navigate the process?

After a lengthy application and approval process, your aging loved one has finally been approved for Medicaid. A huge financial burden is lifted, and you are now free to focus on other vital aspects of their elderly, such as hiring a caregiver, Implementing safety precautions, and deciding what level of care is best for their specific needs.

You can stop submitting endless amounts of paperwork to your application. You should heave a sigh of relief. But, you should not discard any communication you receive from Medicaid.
Eligibility for Medicaid is recertified periodically. And although it is usually a simple process, Medicaid recertification is important to take care of in a timely manner to ensure there is no gap in coverage.

Reasons for Renewal//What should you know?

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Will Mom have to sell our family home to qualify for Medicaid?

Post author By sps
Post date March 5, 2021

As David’s mother Betty aged, her health rapidly declined and David was faced with a slew of new responsibilities. As her primary caregiver, he needed to stay on top of her medical and financial needs. Throughout all these new challenges, one hurdle scared him most — would Mom need to sell her home to qualify for Medicaid?

If Mom won’t be moving to a facility for the next five years, there are asset preservation steps you can take to ensure that her home will be protected. Seek legal advice to determine your options.

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Medicaid 101: An Dictionary of Common Medicaid Terms

Post author By sps
Post date February 22, 2021

Does a simple Google search for Medicaid guidance feel like gibberish? That is a common sentiment echoed by people like you who are looking for a clear understanding of Medicaid.

The following article provides a brief explanation of various Medicaid terms without going into the finer details. These explanations should be used as a basic reference; they are in no way intended as financial or legal advice. Senior Planning Services can assist you with a more in-depth understanding.

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Prepaid Funerals & Medicaid: All You Need to Know

Post author By sps
Post date February 12, 2021

Funeral planning is never on the top of anyone’s to-do list; however, many seniors are unaware that prepaying for their funeral arrangements is one of the expenses that Medicaid allows as part of spend-down. The Department of Human Services recognizes that Medicaid asset requirements ($2,000 in many states) don’t leave beneficiaries with the available funds to have their end-of-life wishes honored without becoming a burden to others. Setting up a prepaid funeral also has the added benefit of locking into current rates even if the price goes up.

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Medicaid vs. Medicare: What’s the Difference?

Post author By sps
Post date December 30, 2020

The terms Medicaid and Medicare sound almost interchangeable, yet these two healthcare assistance programs differ greatly.

As one of the most frequently asked questions by callers who reach out to the intake department at Senior Planning Services, we’ve found that many people don’t know which program is right for them: Medicare, Medicaid or both?

Last week, one of our intake representatives received a call from Bob. He was calling about his mother Joanne who had been in the hospital for a hip replacement and was moving into a rehab facility. Her funds were dwindling and he was concerned that she would not have the resources to cover her stay. Joanne was already enrolled in Medicare, but the nursing home had advised her that it may not cover her entire stay. With only $10,000 left in funds for Joanne, Bob was afraid that he would be left to foot the bill.