Medicaid is a government program that was created in the 1960s to help Americans who are unable to work receive long term healthcare. It is intended to pay the cost of this healthcare, even if the individual is unable to do so on their own. However, eligibility for this program has many rules and restrictions that vary from state to state.
Some things, however, are universal across the country. For example, although the limit may change from state to state, you are only allowed to have a certain amount of available resources and a certain monthly income. For New York, a 1 person household is allowed to have $15,450.00 in available assets, and make $859.00 monthly. Essentially, that means you must work less than 20 hours a week earning minimum wage, or figure out what to do with your income so it does not affect your Medicaid eligibility.
Danna & Associates, PC is a firm that has specialized in Estate Planning and Elder Law for over 25 years. This has offered us a unique insight regarding the preparation of Medicaid applications, including creating a plan of action once you decide to apply. For your free consultation, call 718.273.0300 today!
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