There are many variables that go into planning for the health care of seniors. Some of the factors that require attention are:
In order to be eligible for government benefits, seniors must provide a comprehensive record of personal assets and income. In addition, personal documents such as social security and insurance cards; birth, marriage, and death certificates; evidence of military service and immigration status; and deeds to properties, must be furnished at this time. See the SeniorCare Initial Consultation page for a more complete listing.
Documenting Medical Needs
In New York State, it is possible to receive daily home care services for up to twenty-four hours a day, depending upon medical necessity. Applicants are required to submit a properly drafted Medical Request for Home Care Services, signed by the patient’s primary physician.
Protecting Your Home
Although Medicaid eligibility places restrictions upon the value of the property allowed the applicant, there are various ways to ensure eligibility without sacrificing one’s home. Some possible solutions include transferring the home to the spouse, retaining a life estate, and creating an irrevocable trust, to name a few. Each of these options has financial and legal ramifications. Professional guidance should be sought while planning for the security of the family home.
Protecting Your Assets
In order to qualify for Medicaid, the applicant may not possess more than a specified amount of assets. These may include properties, pension plans, and bank and retirement accounts, amongst others. Divestment of these assets may lead to a Medicaid penalty in terms of wait time. Medicaid applicants can keep these assets in the family through a variety of methods, including but not limited to transferring funds to relatives and creating IRA accounts in pay status. The tax, financial, and Medicaid consequences of these options are complex; professional guidance is recommended.
Choosing Home Health and Nursing Care Options
Based on each individual’s medical and safety needs, caregivers must decide what type of care to pursue, and how to best acquire it. Government allocations are available for many different types of care, based on need and safety requirements.
Let SeniorCare assist you in making the very best decisions for yourself and your loved one.
Information contained on these pages is for educational and informational purposes only. Always consult a professional to receive the most comprehensive guidance before engaging in elder care planning.