Community Medicaid provides home care aides to seniors at no cost. Even if you have assets and income, you can become eligible for New York Community Medicaid benefits and protect your savings and income. Eligibility for Community Medicaid is based upon your owning assets valued at no higher than $14,850.00. The value of your primary residence and any IRA’s or 401K Plans are not subject to this asset limitation. Moreover, you are permitted to transfer assets to bring the value of your holdings to below $14,850.00 and become eligible for New York Community Medicaid benefits thirty days after the transfer. While you can transfer your assets to any individual or individuals, at New York Medicaid Consulting, LLC, we recommend the establishment of an Irrevocable Living Trust for your transferred assets. You are the sole beneficiary of the trust and the funds are available to you as needed. A relative or relatives can serve as the trustee of the trust. By placing your assets in an Irrevocable Living Trust, you are protected as those holdings cannot be used for the benefit of anyone other than you. Moreover, receiving Community Medicaid benefits need not reduce your available monthly income. Through the establishment of a Pooled Income Trust, you can protect all of your income such that it is still fully available to pay your monthly expenses.
Many seniors living at home are in need of the assistance of a home care aide. The cost of home care aides is prohibitive and can quickly exhaust your savings. Community Medicaid is a terrific government program that allows seniors who have accumulated life long savings for retirement to remain safely in their homes with the assistance of home care aides and protect their savings and income. Contact us at New York Medicaid Consulting, LLC to learn more about how you can remain safely in your own home and protect your savings and income.
