We recently wrote explaining the significant increases in Medicaid asset limits for both home care Medicaid and nursing home Medicaid, as well as the increase in income limits for home care Medicaid. Despite how recent those increases were published, New York has released revised figures.
Asset and income limits for New York Medicaid are tied to federal poverty levels published by the U.S. Department of Health and Human Services. Newly published federal figures necessitated an adjustment to the New York Medicaid asset and income limits.
Effective back to January 1, 2023, the countable asset limit for nursing home Medicaid and home care Medicaid is increasing from $28,133 to $30,182 for an individual applicant, and from $37, 902 to $40,821 for a married couple both applying. This is the amount of countable assets an applicant can keep in their name while still being eligible for Medicaid.
The 2023 monthly income limit for home care Medicaid is increasing from $1,563 to $1,677 for an individual applicant, and from $2,106 to $2,268 for a married couple both applying. Those above the income limits may still be eligible for home care Medicaid provided they either spend down their excess income or establish and properly fund a pooled income trust. The $50 monthly income limit for nursing home Medicaid remains the same.
While these increases are modest compared to the more significant increases that were published earlier in the year, any increase is helpful to those on Medicaid or considering applying for Medicaid. Higher limits give families more flexibility and breathing room.
If you or a loved one are currently receiving Medicaid home care benefits and have yet to request a re-budgeting of your income in 2023, now may be a good time to do so. To do this, contact your local (county) social services department, provide them 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.