How long does it take to get approved for Medicaid in New York?
Since the Medicaid process can be different for all applicants, it is hard to give an exact timeframe. However, the process takes around 45 days for most applicants. If an applicant is pregnant or representing children, Medicaid would be able to determine the eligibility in a matter of around 30 days. However, if the applicant has a disability, it will take around 90 days for Medicaid to evaluate their eligibility.
What is the maximum income I can have to qualify for Medicaid?
In 2024, the maximum income one needs to make to qualify for Medicaid as a single person is $1,677 a month or $16,038 a year. For couples, the limit is $2,268 a month or $27,216.
How can I protect my assets from Medicaid in NY?
While Medicaid does look into the assets an applicant has, one can move his/her assets into an irrevocable trust that seals your called Medicaid Asset Protection Trust (MAPT). A MAPT allows you to release control of your assets and qualify for community Medicaid in NY. An Irrevocable trust will hold your assets and distribute them as you wish when you die. The only drawback is that an asset cannot be moved back to your ownership while you are still alive.
How much money can I have in my bank in order to be eligible for Medicaid in New York?
The money one has in the bank is considered an asset. There are limits to how many assets one may have in order to qualify. The asset limit for an individual is $30,182. The asset limit for a couple is $40,821.
What documents are needed to qualify for Medicaid in NY?
- Proof of Identity: Driver’s license, Passport, Birth certificate
- Proof of Citizenship or Immigration Status: US passport, Birth certificate, Permanent resident card (green card)
- Proof of Residency: Utility bills, Lease agreement, Rent receipt
- Proof of Income: Pay stubs, Pension statements, Unemployed benefits statements.
- Retirement plans such as an IRA, 401K, Annuities if in distribution status
- Social Security Number (SSN): Social Security card
- Proof of assets: bank statements, brokerage accounts, life insurance cash value
Can I own a home and get Medicaid in NY?
Even if you own a home, you might believe that your total assets surpass the limit, making you ineligible for Medicaid. Nevertheless, Medicaid offers various exemptions, and one notable exception is your primary residence. This property remains exempt from the total asset calculation, if you currently reside in it or have plans to return in case of nursing home admission, and the equity interest in the home is below $1,071,000.00.
Being a homeowner usually does not disqualify you from Medicaid. Nonetheless, it's essential to be mindful of other assets that could potentially exceed the specified limit.
What assets are exempt from Medicaid in NY?
In New York there are certain assets that are considered to be exempt during the Medicaid process. These assets won’t be counted toward the decision for your application.
- One Primary Vehicle
- Houshold Goods
- Burial Spaces
Will my Medicaid automatically be renewed for 2024 in New York?
Since Spring of 2023, Medicaid applicants have to renew their Medicaid every year. Medicaid clients will get a packet in the mail from HRA when it is time to recertify for Medicaid.