Who Qualifies for Medicaid?
Even if you think you have too much saved, you may still qualify with the right planning.
The Basics of Eligibility
Medicaid is a needs-based program, meaning eligibility depends on your financial situation and your need for care. The rules are complex and vary depending on whether you are applying for Community Medicaid (home care) or Nursing Home Medicaid.
Generally, eligibility looks at four main areas:
- Residency: You must be a resident of New York.
- Care Needs: You must require a certain level of assistance with daily activities.
- Income: Your monthly income must be within specific limits.
- Assets: Your total countable assets must be below a certain threshold.
The "Too Much Money" Myth
The biggest mistake families make is assuming they do not qualify because their income or savings are too high.
Through proper, legal Medicaid planning, many families who are initially over the limits can still qualify. Tools like Pooled Income Trusts allow you to protect excess income to pay your living expenses, while Irrevocable Trusts can protect your home and savings. Learn more about asset protection tools.
Related Resources & Services
Find out where you stand
Do not guess about your eligibility. Let our team review your specific financial situation and tell you exactly what your options are.