I understand she has 31k cash in her account that Medicaid cant touch. My question is about whether that 30k is a one time amount or if it is replenished by her annuity and Medicaid takes whatever goes over the 30k. I asked lawyer but they are not giving me an answer.
Im assuming she has Medicaid pending status at the SNF. It takes around 3-6 months to be approved in NYC. Our New York lawyer advised not to pay anything until Medicaid has been approved and you know the effective date which can be a lot of months. I was surprised when my mothers was approved in April and the effective date was January 1, 2024.
I wouldn’t pay anything until you hear back from your lawyer. That’s what mine advised when I went through this with my parents.
Best of luck navigating this.
On the atty not getting back to you, my guess if this is all very very recent is they are reviewing the annuity to make sure it is compliant for LTC Medicaid rules and perhaps drawing up paperwork as to how the after death beneficiary needs to be revamped.
The glitch with annuities can be that the way it is structured is it is not actuarially sound for Medicaid, which has to be addressed in some way for her to be approved. Another glitch often is the amt of $ the annuity pays her PLUS her regular mo incomes (like her SSA income) once all combined take her over the income max allowed by NYS. So the overage has to be addressed…… I think for NYS overage income goes into a pooled trust & realistically that atty does whats needed for this.
Also fwiw for annuities if likelihood of $ being left in the annuity after mom dies, the State will probably require that the primary beneficiary will need to change to become the State / Medicaid with the old primary moving back to secondary beneficiary position. Only if there is $ left after the State recoups all its costs paid by LTC Medicaid on her behalf will the secondary beneficiary get the balance left $. This is Due to the requirement that an attempt is made towards Estate Recovery for those on LTC Medicaid.
if there’s an annuity it flat won’t be simple or straightforward.
The annuity is not included in his allowed asset level of $31,175 as long as the draws are directly paid for care to the facility. Any other payments, that has not been set up to go to the facility, will be consider personal assets. And, that money will be counted as over the $31,175 allowed. When Medicaid goes through the renewal process they will possibly suspend payment of long term care until the spend down is reached. The eldercare attorney should be made aware of this and guide you through the correct procedure on how to direct the income.
I find that truly amazing and very worrisome indeed, because he is the "go to" for this information. A Forum of strangers would be ever so much worse at "guessing at" something this important.
Medicaid rules are VERY state specific as was said.
With a simple Google search I find the following:
"The rules on assets for Medicaid eligibility in New York State are as follows12:
A single applicant who is 65 years old or over may have up to a maximum of $2,000 in cash, bonds, stocks, certificates of deposits, and other assets in order to still qualify.
A single applicant in the state of New York is allowed to retain $15,750 in liquid assets.
A single applicant, aged 65 or older, is permitted up to $2,000 in countable assets to be eligible for Nursing Home Medicaid or a HCBS Waiver.
New York is a notable exception allowing $30,182, and is California, allowing up to $130,000.
Aged, Blind and Disabled Medicaid usually has the same asset limit.
Learn more:"
Given that you have an attorney who cannot answer you I am afraid you are truly stuck with having to go directly to the horse's mouth; I would call your State Medicaid Office; ask for a printout of all their rules and ask for an advisor. Ask that the advisor answer your specific question.
I sure wish you the best of luck.
https://www.medicaidplanningassistance.org/medicaid-eligibility-new-york/
In many states the limit is $2,000. The amount must not exceed $2,000 at the end of each month. When the application is filled out, it will take into account all income and all approved exemptions. The remainder goes to the NH as patients share of cost (SOC) which should always leave the allowable amount in the account unless the patient has used a portion for the patients personal needs. It can always be lower than the $2,000 just not higher.
Did the attorney send you a copy of what they filed and any instructions? If so, read the application and information very carefully. To understand the Medicaid rules.
I hope this helps.