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. Read on to discover more with Senior Planning.

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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. Find out all you need to know about Medicaid recertification from Senior Planning, experts in Medicaid applications.

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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Michael Steinberg Speaks with the Huffington Post about the Medicaid Application Process

Post author By sps
Post date January 1, 2018

Senior Planning‘s own Michael Steinberg was featured in a Huffington Post article earlier this month. He offers information and advice on the two eligibility categories related to Medicaid applications: clinical eligibility and financial eligibility.

Clinical Eligibility

Clinical or medical Medicaid eligibility and reimbursable services are determined by individual state criteria. Michael explains that proof of clinical eligibility is not a complicated process.

Financial Eligibility

On the other hand, proving an individual qualifies for Medicaid services based on their financial standing is a daunting task. Applicants must gather financial documentation for five years – which is known as the five year look back. Every cash-value asset must be reported to show proof of financial eligibility.

The Problem faced by Skilled Nursing Facilities

What does this mean to skilled nursing facilities? If a patient is having trouble obtaining Medicaid approval, the facility is no doubt having trouble getting paid. About 55 percent of nursing home patients are on Medicaid, delays in reimbursements based on eligibility could be a big financial hardship to the nursing home business.

Michael advises that the best way to prepare for what’s ahead is to be well versed in Medicaid rules and guidelines. An even better idea is to leave it to the experts: contact the team at Senior Planning Services.

Read Michael Steinberg’s entire Huffington Post Interview Here.

resources

The Complexity of Medicaid Eligibility Criteria

Clinical Eligibility

Financial Eligibility

The Problem faced by Skilled Nursing Facilities