Medicaid Lawyers in West Seneca, NY
What are the income and resource levels in a two person household?
What are the income and resource levels in a one person household?
What if you have assets in excess of the resource levels?
Are adult children responsible for the Medicaid bills of their parents?
Are well spouses legally responsible for Medicaid expenses of sick spouse?
Q: What is Elder Law?
A: Elder Law is the practice of specially trained attorneys who can help you protect your assets in the event of illness and dispose of your assets upon your demise, with a minimum of taxes and problems. Elder Law attorneys address long-term care and estate planning needs of each individual based on his or her unique situation.
Q: What is Medicaid?
A: Medicaid is a federal, state and county program which pays any and all medical costs you may have
IFyou qualify. There are different qualifications for a two person household and a one person household.
Q: What are the income and resource levels in a two person household?
A: The following assets are exempt in a two person household where one needs long term care: (1) personal residence, up to a value of $840,000, (2) other assets with a value not exceeding $74,820 (or one-half of the resources for both of you to a maximum of $120,900), (3) pre-paid funeral and burial for both of you, (4) household furniture, personal effects, jewelry, etc., (5) IRAs, 401(k)s and other qualified plans, provided they are paying out a monthly income, and (6) up to $3,022.50 per month in montly income.
Q: What are the income and resource levels in a one person household?
A: The income and resource limits in a one person household are the following: (1) $14,850 in total asset value, (2) pre-paid funeral, no matter what the amount, and (3) $50.00 per month income (the balance of your income is contributed toward your support).
Q: What if you have assets in excess of the resource levels?
A: If you have assets above those listed, then you must spend those assets down for a legitimate medical expenses and when you reach the above levels, then Medicaid would kick in and pay your medical expenses.
Q: Are adult children responsible for Medicaid bills of their parents?
A: In determining Medicaidd eligibility of an adult, Federal Law does not permit states to use the income or resources of non-spouses. Children are therefore not responsible.
Q: Are well spouses legally responsible for Medicaid expenses of a sick spouse?
A: In New York State, Medicaid is allowed to sue the well spouse for contribution.