• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Mark S. Eghrari & Associates PLLC

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

What Is Medicaid?

The Medicaid program is a health insurance safety net for people who have very limited financial resources. If you can prove that your resources are within Medicaid income and asset limits, you can qualify for the program, regardless of your age.

Medicare, Medicaid & Senior Citizens

Medicare is also a government health insurance program. Unlike Medicaid, Medicare is for the most part intended for senior citizens. (It should be noted that some people with disabilities who are not seniors qualify for Medicare coverage.)

The vast majority of seniors will qualify for Medicare because of the fact that you pay into the program when you are working and paying taxes. You earn retirement credits when you pay your taxes. It is possible to earn a maximum of 10 credits per year.

In 2014, you earn one credit for every $1200 in qualified earnings. Using this figure, if you made at least $4800 for a minimum of 10 years, you would qualify for Medicare when you reach the age of 65.

Medicare is certainly going to help a great deal when you are a senior citizen, but it does not pay for everything in its entirety. There are out-of-pocket costs that you must absorb as a benefit recipient.

The costs are relatively modest, and they are not backbreaking for most people. However, there is one thing that Medicare will not pay for that is extremely expensive: long-term care.

Medicaid will pay for long-term care. You may be surprised to hear that Medicaid actually pays for most of the long-term care that is received by elders in the United States. Many of these people once qualified for Medicare.

Because of the upper resource limits, you could qualify for Medicaid to pay for long-term care after you have spent virtually everything that you have paying for the care yourself.

This is one option, and it is not a very appealing one.

Medicaid Planning

When you understand the lay of the land, you may wonder if it is possible to give away your assets to your loved ones in advance of applying for Medicaid to pay for long-term care. The answer is yes, as long as you act well in advance.

You have to act early because of the five year look back. The Medicaid program will look at your financial dealings going back five years. If you have divested yourself of assets within this time frame, your application will be denied at first. Your eligibility will be delayed for a prescribed period of time that will be calculated based on the amount of the divestitures.

How long is this penalty? To explain by example, if the amount that you gave away would have paid for two years of long-term care, your eligibility would be delayed for two years.

Medicaid Planning Consultation

If you have detailed questions about Medicaid planning, contact us to schedule a free consultation.

 

 

 

 

 

  • Author
  • Recent Posts
Mark S. Eghrari, Estate Planning Attorney
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
  • Special Needs Planning and Medicaid Recovery - March 21, 2019
  • Have You Considered a Living Trust? - March 12, 2019
  • How Do You Qualify for Medicaid? - March 7, 2019

About Mark S. Eghrari, Estate Planning Attorney

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: « What Is a Supplemental Needs Trust?
Next Post: Who Can Create a Power of Attorney? »

Footer

Office Location

Eghrari Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

Copyright © 2020 American Academy of Estate Planning Attorneys · All Rights Reserved