In Long Island, Medicaid Planning is an important service to provide for seniors. Medicaid is the only New York State government program that will pay for nursing home care on a long-term basis. With the rising cost of long-term care, many seniors may not be able to afford to pay privately. As a result, Medicaid planning is necessary for most seniors in Long Island.
Many people incorrectly believe that their long-term health care costs will be paid for by Medicare. Other people believe that their private insurance will cover such costs. However, neither is the case. In order to pay for the astronomical costs of long-term care (in Long Island nursing homes cost $15,000/month) you have three options 1) pay out of pocket, 2) use your long-term care insurance, 3) qualify for Medicaid. For most of us, options 1 and 2 are not feasible.
Most of us will have to use Medicaid for these long-term costs. The question then becomes how do you pay for these looming costs without spending all the money you worked so hard to save? How do you protect your home? Many families engage in Medicaid planning for the purpose of qualifying for Medicaid benefits.
If you are proactive and plan early, you can protect your home from Medicaid recovery and you can protect your nest egg from being completely exhausted. Proactive planning will allow you to pass your hard-earned savings to the next generation.
The Law Office of Melissa L. Carvajal, P.C. will create a strategy to protect your home and your savings while qualifying you for Medicaid.
Medicaid Applications
Preparing for Medicaid Application in Long Island:
Applying for Medicaid benefits in Long Island can seem like an overwhelming task. However with some simple preparation, The Long Island office of The Law Office of Melissa L. Carvajal, P.C. can successfully complete the application process.
Applicants are responsible for providing an explanation for and documentation of every financial transaction of $2000 or more. This will include copies of cancelled checks, bills, receipts and copies of deposits and withdrawal slips.
In order to be best prepared, there are several documents that you can gather (for both the applicant and spouse):
* social security cards
* Medicare cards
* private health insurance card
* evidence of monthly health insurance premiums paid
* original birth certificate
* passport
* proof of date of birth
* marriage certificate
* death certificate of spouse (if applicable)
* social security award letter
* pension benefit statement for current year
* deed to home (New York & other states)
* tax bill for current year* any lease agreements
* last FIVE years of bank statements from all accounts including savings and checking
* last five years of Federal Income Tax returns
* information regarding life insurance policies including cash surrender value