2007 Medicaid Eligibility Levels
January 3, 2007
This issue of the Koldin Law Center e-mail mailing list reviews the Medicaid eligibility levels for 2007 recently issued by New York State:
Medicaid Financial Eligibility for a Single Person:
Life Savings: $4,200
Monthly Income if in Nursing Home: $50
Monthly Income if Receiving Home Care: $700
Medicaid Financial Eligibility for Married Couple:
Life Savings for Institutionalized Spouse: $4,200
Life Savings for At-Home Spouse: $74,820-$101,640
Monthly Income for Institutionalized Spouse: $50
Monthly Income for At-Home Spouse: $2,541
Life Savings for Couple: $5,400
Income for Couple: $900
Note: The Healthy Spouse can keep substantially more income and life savings when the ill spouse is institutionalized. The law does not encourage home care. By planning in advance, assets can be protected and home care becomes a more viable option.
Transfer of Assets:
The Lookback period is now 5 years for all transfers.
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We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
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