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The Asset Test for Medicaid

NYC Medicaid Eligibility: Asset Test

In order to qualify for Medicaid in New York, an applicant must pass the asset test. This involves an evaluation of an applicant's assets to determine whether they are above the allowed amount to qualify for Medicaid benefits.

When you are looking at eligibility for Medicaid based upon your assets, it is important to be careful. Discussing your options with an attorney is crucial as you may face penalties if you transfer assets or property in order to qualify for Medicaid. In these situations, you may be disqualified from receiving benefits for a certain period of time depending on the value of assets or property that was transferred. The look back period for property and asset transfers in New York is 60 months, so pre-planning is a key part of applying for and receiving Medicaid benefits.

Get the Help of a Medicaid Lawyer in NYC

A New York City Medicaid attorney can review your financial situation and the assets you have to determine the best approach to transferring these or perhaps setting up a Medicaid asset protection trust that will help ensure that your assets are not depleted by nursing home, in-home or assisted living care. We can talk to you about your options in undergoing charitable planning or setting up an irrevocable trust to provide for your loved ones. Melnik Law Group, PLLC represents clients in Brooklyn, Manhattan and throughout all of New York City in all matters related to Medicaid planning and related issues.

As of 2010, an individual over the age of 65 who is applying for Medicaid may have a maximum of $13,800 in resources. There are exemptions that may apply, including your residence or other property, so it is important to have an elder law attorney review your particular case. This number also changes, so you should seek up-to-date information that affects you.

Call us today at our offices to talk about the asset test involved with qualifying for benefits.

Rockefeller Center 7th Floor 1230 Ave. of the Americas New York, NY 10020

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Melnik Law Group, PLLC - New York Elder Law Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020 . View Map
Phone: (800) 517-5110