All while allowing them to take full advantage of the social programs available to them. Medicaid is a joint Federal and State program where an applicant must demonstrate financial need in order to qualify. In addition to providing services to the poor, it is also designed to prevent seniors and families from becoming impoverished from the cost of long-term care. In New York State, the average nursing home costs between $13,000 and $17,000 per month (an estimated $156,000 to $204,000 per year.)

Medicaid laws are constantly changing and the concept of “spend down”–which refers to reducing assets and transferring funds to the permitted level of resources to qualify–can be confusing. Assets would include items like cars, furniture and clothing, and real estate. Specific exceptions and protections do exist, so planning ahead with expert counsel can be of great help in preserving what is important.