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Paying for Senior Living in New York

Sep 17, 2012 at 11:06

When planning for your long-term care in senior living, you may wonder how you are going to pay for it all. The average cost of assisted living in the state of New York is $3360 per month. And the costs climb even higher in more expensive areas, such as New York City, Poughkeepsie, and Albany, ranging from $4500 to $5500. Fortunately for low-income residents of New York State, Medicaid can help pay for the costs associated with senior living.

Eligibility for New York Medicaid

As a joint federal and state program, Medicaid is intended for elderly and disabled individuals on limited incomes. To be eligible for Medicaid in New York, an individual resident cannot have a monthly income of more than $792, and the monthly limit for couples is $1159. The limit on assets is $14,250 for an individual, and for couples is $20,850. The state does not take into account the value of your home or primary vehicle when calculating your assets total. If your income and assets are over the eligibility limits, you may still be able to qualify for Medicaid. For those with high medical expenses and whose income is over the limit, there is Medicaid Excess Income. This is a Medicaid spend down program that will help you to meet the eligibility limits. If the value of your assets exceeds the limits, you may still qualify by appropriately restructuring your resources along with the help of a Medicaid planner.

What Will New York Medicaid Pay For

Medicaid in New York will pay for long-term nursing home stays for eligible residents. It will also pay for assisted living through the state’s Assisted Living Program (ALP). This Medicaid waiver program is intended for residents who are eligible to receive nursing home care but who are able to and prefer staying in assisted living. Two other Medicaid waiver programs will also pay for costs related to home care. For lower income residents who do not qualify for Medicaid, there are two state programs that offer financial assistance for the cost of care and some medical expenses. These include help for in-home care and prescription insurance.

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