As a New York veteran, you have unique benefits that can help with your Medicaid planning. Knowing these benefits can help you use your money wisely and get the necessary care.
Veterans benefits and Medicaid
You may qualify for VA pensions, Aid and Attendance, and health services. These can add to your Medicaid and give you more money. However, it can be hard to understand the rules and how to apply them.
Aid and attendance benefit
This benefit gives extra money to veterans who need help with daily tasks. It can pay for home care, assisted living or nursing homes. You must meet specific service, financial and health rules to get it. Using this benefit in your Medicaid plan can help save you money.
Protecting your assets
Protect your assets while getting Medicaid. A Medicaid Asset Protection Trust (MAPT) can help. This trust lets you move assets out of your name. However, it would be best to plan early, as Medicaid looks back five years at transfers.
Income issues
Veterans’ benefits can affect your Medicaid. Medicaid has strict income limits. You need to know how your benefits count as income. Some benefits may not count, while others do. Depending on your situation, you may also have to choose between Medicaid or VA.
Legal help
It would be best to plan carefully to use veterans’ benefits with Medicaid. Consider enlisting the help of a law firm experienced in Medicaid planning to guide you.
Where your future is concerned, nothing is too much to ensure you can retire with peace of mind and dignity.