Medicaid Increases Income and Asset Limits for 2023

Long Island Estate Planning Lawyers

Significant increases in the Medicaid income and asset allowances go into effect on January 1, 2023.
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Starting in 2023, certain New York Medicaid recipients will be able to keep more of their assets and income. These new rules, effective January 1, 2023, 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 2023, that countable asset limit is increasing from $16,800 to $28,133 for an individual applicant, and from $24,600 to $37,902 for a married couple both applying. This new increased asset limit will allow Medicaid recipients  to keep more in their names while still being eligible for benefits.

On the income side, the 2023 monthly income limits for home care Medicaid is increasing from $934 to $1,563 for an individual applicant, and from $1,367 to $2,106 for a married couple both applying. The income limit increase provides a different kind of breathing room. For one, less people will need to utilize pooled income trusts to protect their income if there 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 increased asset 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.  Notices to this effect are also being sent out by the department of social services.

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.

 

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