Long Island Medicaid Planning Attorneys

Helping You Protect Your Assets & Qualify for Medicaid

Medicaid is a government program that provides health insurance to low-income individuals and families. It is also the largest payer of long-term care services in the United States. However, Medicaid is a means-tested program, which means that you must meet certain income and asset requirements to qualify. If you have too much income or too many assets, you will not be eligible for Medicaid.

At The Fedele Law Group PLLC, our Long Island Medicaid planning lawyers can help you understand the Medicaid eligibility requirements and develop a plan to protect your assets and qualify for Medicaid. We have extensive experience in this area of law and can provide you with the effective representation you need.

Call our firm today at (631) 519-9831 or contact us online to schedule a consultation with our Medicaid planning attorneys in Long Island.

What Is Medicaid Planning?

Medicaid planning is the process of legally and ethically protecting your assets and qualifying for Medicaid. It is important to note that Medicaid planning is not the same as Medicare planning. Medicare is a federal health insurance program that provides coverage to individuals who are 65 years of age or older, as well as certain younger individuals with disabilities. Medicaid, on the other hand, is a joint federal and state program that provides health insurance to low-income individuals and families.

Medicaid planning is typically done by individuals who are concerned about the high cost of long-term care. Long-term care is a range of services and supports that are designed to meet your personal care needs when you are unable to perform certain activities of daily living (ADLs) on your own. This type of care is not covered by Medicare and can be very expensive.

Medicaid planning can help you qualify for Medicaid and protect your assets from being used to pay for long-term care. However, Medicaid planning is a complex area of law and should only be done with the help of an experienced attorney.

What Are the Medicaid Eligibility Requirements?

Medicaid is a means-tested program, which means that you must meet certain income and asset requirements to qualify. If you have too much income or too many assets, you will not be eligible for Medicaid. However, there are certain assets that are exempt and will not be counted when determining your eligibility.

The Medicaid eligibility requirements are as follows:

• Income: Medicaid has strict income limits. If your income is too high, you will not be eligible for Medicaid. However, you can still qualify for Medicaid if your income is too high by creating a Qualified Income Trust (QIT), also known as a Miller Trust. A QIT is a special type of trust that is used to hold your income and bring it down to the Medicaid income limit. The income that is held in the QIT can only be used to pay for certain expenses, such as your medical care and your long-term care.
• Assets: Medicaid also has strict asset limits. If your assets are too high, you will not be eligible for Medicaid. However, there are certain assets that are exempt and will not be counted when determining your eligibility. For example, your primary residence is exempt if you live in it and your spouse is still living in it. Your primary residence may also be exempt if you are not living in it but you have the intent to return to it. Other exempt assets include your personal property, such as your clothing and your furniture, and your vehicle. However, there are certain limits on the value of these assets. For example, your vehicle may be exempt if it is used for medical transportation, but it must be worth less than a certain amount.

Medicaid also has strict transfer rules. If you transfer assets for less than fair market value within the five-year look-back period, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. The length of the penalty period is determined by the value of the assets that you transferred. For example, if you transferred $100,000 in assets and the average monthly cost of long-term care is $10,000, you will be ineligible for Medicaid for 10 months.

What Is the Look-Back Period for Medicaid?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

There are certain exceptions to the Medicaid look-back period, including the following:

• Transfers to a spouse: You can transfer assets to your spouse without incurring a penalty period. However, your spouse may be subject to a penalty period if they transfer assets to you.
• Transfers to a disabled child: You can transfer assets to a disabled child without incurring a penalty period. However, the child must be under the age of 65 and meet the Social Security Administration’s definition of disabled.
• Transfers to a caretaker child: You can transfer your home to a caretaker child without incurring a penalty period. However, the child must have lived in the home for at least two years and provided care to you that allowed you to avoid a nursing home stay.
• Transfers to a sibling with an equity interest: You can transfer your home to a sibling who has an equity interest in the home without incurring a penalty period. However, the sibling must have lived in the home for at least one year immediately before you moved to a nursing home.
• Transfers to a child who is a veteran: You can transfer assets to a child who is a veteran without incurring a penalty period. However, the child must have served in the military for at least 90 days and received an honorable discharge.

What Is the Medicaid Look-Back Period for Annuities?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for annuities. If you purchased an annuity during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. The length of the penalty period is determined by the value of the annuity.

However, there are certain exceptions to the Medicaid look-back period for annuities. For example, if you purchased a Medicaid-compliant annuity, you will not be subject to a penalty period. A Medicaid-compliant annuity is an annuity that meets certain requirements, such as the following:

• The annuity must be irrevocable, which means that it cannot be changed or canceled;
• The annuity must be non-assignable, which means that it cannot be transferred to another person;
• The annuity must be actuarially sound, which means that the expected return on the annuity must be less than the expected cost of your care;
• The annuity must be non-commutable, which means that you cannot cash it out for a lump sum payment; and
• The annuity must name the state as the primary beneficiary, up to the amount of Medicaid benefits that you received.

What Is the Medicaid Look-Back Period for Life Insurance Policies?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for life insurance policies. If you transferred a life insurance policy for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. The length of the penalty period is determined by the value of the life insurance policy.

However, there are certain exceptions to the Medicaid look-back period for life insurance policies. For example, if you transferred a life insurance policy to a funeral home or a burial trust, you will not be subject to a penalty period. You can also keep a life insurance policy if the face value of the policy is less than $1,500.

What Is the Medicaid Look-Back Period for a House?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a house. If you transferred your house for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a house.

For example, your house may be exempt if you meet the following requirements:

• You live in the house;
• Your spouse is still living in the house; or
• You have the intent to return to the house.

Your house may also be exempt if you transferred it to a child who is a caretaker child. A caretaker child is a child who has lived in the house for at least two years and provided care to you that allowed you to avoid a nursing home stay.

What Is the Medicaid Look-Back Period for a Car?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a car. If you transferred your car for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a car.

For example, your car may be exempt if it meets the following requirements:

• It is used for medical transportation; and
• It is worth less than a certain amount.

What Is the Medicaid Look-Back Period for Personal Property?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for personal property. If you transferred personal property for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for personal property.

For example, your personal property may be exempt if it meets the following requirements:

• It is used for your support and maintenance; and
• It is worth less than a certain amount.

What Is the Medicaid Look-Back Period for a Trust?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a trust. If you transferred assets to a trust for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a trust.

For example, your trust may be exempt if it meets the following requirements:

• It is an irrevocable trust, which means that it cannot be changed or canceled;
• It is a special needs trust, which means that it is used to hold your assets and pay for your supplemental needs;
• It is a pooled trust, which means that it is used to hold your assets and pay for your supplemental needs along with the assets of other individuals; or
• It is a qualified income trust (QIT), also known as a Miller Trust, which means that it is used to hold your income and bring it down to the Medicaid income limit.

What Is the Medicaid Look-Back Period for a Funeral Trust?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a funeral trust. If you transferred assets to a funeral trust for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a funeral trust.

For example, your funeral trust may be exempt if it meets the following requirements:

• It is an irrevocable trust, which means that it cannot be changed or canceled;
• It is used to pay for your funeral and burial expenses; and
• It is worth less than a certain amount.

What Is the Medicaid Look-Back Period for a Funeral Pre-Payment?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a funeral pre-payment. If you transferred assets to a funeral home for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a funeral pre-payment.

For example, your funeral pre-payment may be exempt if it meets the following requirements:

• It is used to pay for your funeral and burial expenses; and
• It is worth less than a certain amount.

What Is the Medicaid Look-Back Period for a Funeral Pre-Payment?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid.

Medicaid also has a five-year look-back period for a funeral pre-payment. If you transferred assets to a funeral home for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will not be eligible for Medicaid. However, there are certain exceptions to the Medicaid look-back period for a funeral pre-payment.

For example, your funeral pre-payment may be exempt if it meets the following requirements:

• It is used to pay for your funeral and burial expenses; and
• It is worth less than a certain amount.

What Is the Medicaid Look-Back Period for a Funeral Pre-Payment?

Medicaid has a five-year look-back period, which means that the government will look back at your financial transactions for the five years immediately preceding your Medicaid application. If you transferred assets for less than fair market value during this time, you may be subject to a penalty period. The penalty period is a period of time during which you will