People who are sixty-five (65) or older, disabled, or blind, can qualify for Medicaid that will cover a nursing home stay if they meet income and asset limits and if they need skilled nursing care.
New York’s Excess Income Program does allow individuals to qualify for Medicaid by spending down their income on qualifying medical expenses until they reach Medicaid income limits. Each person’s assets are different and one should consult an attorney who is experienced with Medicaid eligibility in order to formulate the best method for Medicaid spend down.
Sometimes, a nursing home stay is unavoidable, but spending your hard earned money on nursing care is avoidable with the proper planning. New York Medicaid requires nursing home residents to contribute almost all of their monthly income to the cost of their nursing home care. The state allows Medicaid recipients in nursing homes to keep only $50 per month for themselves. It is important to consult with an attorney who is familiar with Medicaid’s rules to formulate the best plan to safeguard your hard earned money.