If you’re an older adult in Rochester, the idea of losing your home to qualify for long-term care can be frightening. But Medicaid in New York allows you to get the help you need without giving up everything you’ve worked hard to build. With early planning and the right legal strategy, your home doesn’t have to be on the line.
Know what the lookback period means for you
New York has a five-year lookback rule for nursing home Medicaid. When you apply, the state will examine your financial records going back 60 months. If you gave away or transferred your home or other assets during that time, Medicaid may delay your eligibility through a penalty period. This rule only applies to institutional care, but changes are coming for home care as well. The best time to start planning is well before care is needed.
Use a trust to keep your home safe
One of the most effective tools for protecting your home is an irrevocable trust. This allows you to transfer ownership of the home while still keeping the right to live there. After five years, Medicaid will no longer count the home as your asset when reviewing your eligibility. For this strategy to work, the trust must be carefully written and funded. If not done properly, the home could still be exposed to recovery later on.
Explore your options if you’re married
New York allows a planning strategy called spousal refusal. If one spouse needs long-term care, the other can legally refuse to contribute to that care. This lets the applying spouse qualify for Medicaid without draining all of the couple’s resources. While the state may later request repayment, this option can preserve more of what you’ve built together.
Start planning now to avoid future loss
You don’t have to lose your home to qualify for care. You can build a plan that protects your future and gives your family peace of mind. It would be beneficial for you to speak with an attorney who can give you the right guidance. They can help you qualify for Medicaid and still protect your home. Remember, taking action now can ease future stress, safeguard your legacy, and give you and your loved ones the peace of mind you deserve.
