New York has just announced increases to Medicaid income and asset limits. These new rules, effective retroactively to January 1, 2024, apply to those receiving Medicaid benefits for home care as well as nursing home services.
To be eligible to receive home care or nursing home Medicaid benefits, the applicant must have below a certain amount of countable assets in their name. For 2024, the countable asset limits are $31,175 for an individual applicant and $42,312 for a married couple both applying. These new increases to Medicaid asset limits will allow Medicaid recipients to keep more in their names while still being eligible for benefits.
On the income side, the 2024 monthly income limits for home care Medicaid are $1,732 for an individual applicant and $2,351 for a married couple both applying. The income limit increases provide a different kind of breathing room. For one, fewer people will need to utilize pooled income trusts to protect their income if their income is less than the new increased limit. But even those who still need a pooled income trust can keep more of their income in their names. The income limit for recipients of nursing home Medicaid benefits will not change, remaining at $50 per month.
Overall, these increases to Medicaid asset and income limits are a welcome change and will provide many Medicaid recipients and their families with increased flexibility. Those already receiving Medicaid home care benefits can request a revised income budget reflecting the new limits. To do this, contact your local (county) social services department, provide them with your current gross income and allowable deductions, and request a revised income budget.
The rules governing Medicaid eligibility, including asset and income rules, are complex. There are numerous exceptions, tax and non-tax considerations, and special rules that exist. If you or a loved one are receiving benefits and need advice on these changes, or you are considering applying for Medicaid benefits and want to know how you may become eligible, the experienced attorneys at Kurre Schneps can guide you. Click here to arrange a meeting.
