When it’s time to consider whether the benefits of Medicaid are right for you, it quickly becomes clear that the biggest headache of all can be the application itself.
Medicaid was created to help Americans who are unable to work. Eligibility is based on several different criteria, including “income, disability, pregnancy, age, household size and household role,” as mentioned in the below linked article. However, the criteria also varies by state, as Medicaid is partly funded by the state.
When putting together all the required documentation for Medicaid, you may quickly find yourself looking at a several hundred page document. For example, for institutional Medicaid in New York, one must provide all financial statements for the past 60 months, which could include anything from bank accounts to annuities. And that’s without considering there may be a need for an analysis or explanation of certain transactions, which monumentally adds to the workload.
In addition, Medicaid requires a low income in order to be eligible. For wealthy Americans, this is where things can get tricky. However, this is where it’s important to be made aware of and advised on how Medicaid asset protection can help you.
Danna & Associates, PC is a law firm that has specialized in Estate Planning and Elder Law since 1994. With over 2 decades of experience in preparing Medicaid applications, we can help turn the headache into a piece of pie! Call 718.273.0300 for your free consultation today!
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