PLEASE NOTE: We are able to fully assist you during these difficult times. We are offering our clients and prospective clients the ability to meet with us via telephone or through video conferencing. Please call our office at 914-948-1500 so that we may assist you.

We are pleased to announce the reopening of our White Plains office location for in-office meetings. We are following the applicable New York State regulations for Phase 2 re-openings. These regulations limit in-person gatherings, so although we will hold a select number of in-person meetings, we will continue to encourage telephone and video-conference meetings whenever possible. We have implemented health and safety procedures for all staff, as well as those clients who come into the office. Please click here for in-office meeting procedures.

Elder Planning Isn't Just For The Elderly

How does the state assess my assets for Medicaid eligibility?

When you apply for Medicaid and are over the age of 65, different rules apply to you than for other applicants. The state will assess your assets as part of the qualification process.

According to the New York Department of Health, the state looks at all countable assets. Countable assets are things such as cash you have in bank accounts, vacation homes and other investments. There are some exempt assets.

Exempt assets

Exempt assets include your retirement accounts and personal items. Things in your home, such as your furniture, do not count as assets. You also get exemptions for up to $1,500 in burial funds and funeral pre-arrangements. You can exempt one vehicle as well.

Your home may be exempt, depending on the equity. If you have under a certain amount of equity, then your home is exempt. The amount may change annually. You also must live in the home for the state to not include it in countable assets. If you have a spouse and he or she lives in your home, it is exempt regardless of any other factor.

Spouse allowance

The state does offer some allowances for your spouse to prevent him or her from suffering financially from your attempt to qualify for Medicaid. The Community Spouse Resource Allowance gives your spouse an asset limit he or she can claim. These assets will not be in the countable assets for your Medicaid qualification.

You should make sure you meet asset requirements prior to filing. Medicaid has a period in which the state will look back at the assets you owed. If you sell or transfer assets during this period, then they will count against you, so plan ahead to qualify for the insurance.