Financial Planning - Qualify for Medicaid


You’ve worked your whole life to save up your nest egg, only to be told you have to either spend down your income or pay for elder care out-of-pocket. 

Many Americans are easily eligible for Medicaid in combination with some financial planning of their income and extra income. There are many options available to plan which allow your loved one to qualify for Medicaid and use their extra income for other important things like:

  • Ensuring the spouse at home can continue to pay their bills
  • Provide extra treatments to improve quality of life
  • Preserve assets to leave an inheritance for the family
  • Emics Elder Care Medicaid Planners work one-on-one with your case to come up with the best customized strategy for your personal financial situation. 

Filing for Medicaid saves money to give you more freedom, peace of mind, and get the needed care. We help you apply for Medicaid , submit the necessary paperwork and obtain Medicaid approval. Read about a few of the options available below, or contact us to get started today with a conversation and free consultation.

Many Customized Options Are Available

Pooled Income Trust

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Medicaid Requirements
Medicaid NY

People of any age can use a Pooled Income Trust to become financially eligible for Medicaid and receive at-home care or long-term care.  It’s unique in that it allows recipients to hold on to their assets while still qualifying for Social Security Income (SSI) and Medicaid. People of any age can become beneficiaries of Pooled Income Trusts.

The great thing about this type of trust is that the trustee can still use their money to pay for recurring non-medical bills. utilities, home payments, new credit card charges, food receipts, and more can be set up on a monthly payment schedule. Their bills get paid, which gives any loved ones at home the peace of mind that they are still financially secure.

Deed Transfers

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Medicaid Trust
Medicaid Requirements
Medicaid NY

It’s possible to simply transfer your home deed into your spouse’s name in order to qualify for Medicaid. It can be transferred to your spouse, or any number of eligible people, without affecting eligibility or putting your home at risk. 

If one spouse needs Medicaid and nursing home care, they are considered the institutional spouse. The spouse at home is referred to as the community spouse.  Contact us to learn more.

If you decide a deed transfer is the right option for you, an Emics Elder Care Medicaid Planner will coordinate and liaison with one of our trusted attorneys to arrange the legal details.

Irrevocable Trust

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Medicaid Trust
Medicaid Requirements
Medicaid NY

Medicaid seekers with a large amount of assets should consider an irrevocable trust. With the guidance of an attorney, an irrevocable trust allows you to transfer any assets into a trust permanently. This legally moves the ownership of those assets from your hands to the trusts, and thereby prevents those assets from counting against you for Medicaid eligibility. The grantor cannot make changes or reverse the trust once it’s been set it place. In this instance, an Emics Elder Care Medicaid Planner will coordinate a liaison with one of our trusted attorneys to arrange the legal paperwork. 

Spousal Refusal

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New York
Protect Assets From Medicaid
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Spouse refusal is an option of elders who have a loved one who still lives at home. In the state of New York, if the community spouse refuses to put any income towards the costs of the institutionalized spouse, Medicaid is required to solely consider the assets and income of the institutionalized spouse.

Contact us for more details and to discuss your unique situation. 

Promissory Note

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Medicaid planner NY
Medicaid Planning New York
Protect Your Assets from Medicaid


A Medicaid-compliant promissory note is another creative option available to gain Medicaid eligibility in New York. A promissory note is a legal document in which one party promises another party to pay a certain amount of money. It can be paid on-demand, or in installments by a certain date. In order for this to be set up properly, the loan must include a gift of assets or a non-exempt transfer.

Initially, setting up this gift of assets will cause you to become ineligible for Medicaid for a penalty period. However, the assets in the promissory note can then be used to pay the nursing home facility costs during that penalty period. 

An Emics Elder Care Medicaid Planner will help to coordinate this which will allow you to ultimately become Medicaid eligible, while also keeping the spending of your own resources to a minimum.