Elder law is an area of law that helps older adults protect their assets, plan for medical expenses, and prepare for loss of legal decision-making capacity, and is especially important for Korean American seniors in New York. In New York, where nursing home costs are more than $$15,000 per month, a lifetime of savings can be wiped out quickly without Medicaid planning.
What is Medicaid?
Medicaid is a joint federal-state program that helps low-income people with medical expenses. It covers nursing home costs, home care, and some medical expenses. New York is one of the states with relatively broad Medicaid coverage.
New York Medicaid Eligibility Requirements (as of 2026)
- Income limits: $1,836 or less per month for individuals (not including nursing home Medicaid)
- Asset limitsIndividuals $32,532 or less (excluding residential real estate, one vehicle, and personal effects)
- Look-Back Period: Asset transfer review 60 months prior to application date
Medicaid planning strategies
Irrevocable Trust
When you transfer assets to an irrevocable trust, they are excluded from Medicaid asset review after the look-back period (60 months). This is the most effective asset protection strategy, but you need to plan ahead.
Protecting spousal assets
If one member of a couple goes into a nursing home, the community spouse can keep a certain amount of assets and income (CSRA/MMMNA). There are legal protections to ensure that your spouse does not become destitute.
Medicaid-Compliant Annuity
A strategy that turns excess assets into income by converting them into a Medicaid-compliant annuity. You can guarantee income to your spouse while meeting asset limits.
Special considerations for Korean American seniors
Citizenship and Medicaid
Medicaid is available to citizens and permanent residents who have lived in the country for five years or more. Permanent residents who have been here less than 5 years are eligible for Emergency Medicaid only.
Reporting assets in Korea
You must also report your Korean assets when you apply for Medicaid. Having Korean real estate, savings, or pensions will affect your eligibility. Concealing them can be punishable as fraud.
Language barriers
Applying for New York Medicaid involves complex paperwork. While Korean interpretation services are available, it's important to have a Korean-speaking attorney to help you understand legal terms and strategies.
Frequently asked questions
Q. Can I gift my home to my children in advance?
A simple gift is caught within the look-back period and will result in a Medicaid disqualification penalty period. You must transfer assets by a legal method, such as an Irrevocable Trust.
Q. When should I start Medicaid planning?
We recommend starting as early as possible. With a 60-month look-back period, you should start planning at least five years in advance. We recommend starting counseling around age 65.
When your parents are older, you'll have more peace of mind if you're legally prepared. For an Elder Law and Medicaid consultation, contact the Law Offices of Jin Dong Cho.
Phone: (718) 353-2699 | Email: jd@choattorneys.com
