The 2010 New York Medicaid regional rates used to determine a transfer of assets penalty period are:

These rates are based on average nursing home costs in each of the seven regions in New York State. A period of ineligibility (“penalty period”) is imposed for any transfers of assets for less than fair market value (gifts) since February 8, 2006.

A period of ineligibility for Medicaid institutional services will result from these transfers. Medicaid will calculate the period of ineligibility by the following statutory formula: the dollar value of the transfer divided by the average monthly cost for one month of nursing home care equals the number of months of ineligibility for Medicaid nursing home institutional services.

For further information, see the free New York Medicaid Guide at http://www.wny-lawyers.com/medicaid.pdf

If you have questions about Estate Planning Issues and other legal matters that will impact your family as you grow older, contact Buffalo New York Estate Attorney Bob Friedman at (716) 542-5444.

This entry was posted on Wednesday, February 24th, 2010 at 9:04 am and is filed under Buffalo NY Elder and Estate Law. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.