The New Year brings with it new Medicaid income and resource eligibility figures which became effective January 1, 2022. Medicaid is a program for those who have very little in income and assets/resources. That said, those who currently have more than the Medicaid eligibility rules allow can receive benefits without spending everything down. Here are the current requirements:
- A Medicaid applicant can have no more than $16,800 in nonqualified resources, and residences and retirement funds continue to be protected in certain circumstances
- A Medicaid home care applicant who is 65 or older can retain monthly income of $954
- The healthy spouse residing at home (the “community spouse”) whose spouse is a resident of a nursing home can retain $3,435 in monthly income. Where the community spouse does not receive $3,435 in monthly income, the community spouse can receive additional income from the sick spouse until the community spouse’s monthly income reaches $3,435
- Spousal Impoverishment budgeting rules allow the community spouse to have available resources of $74,820 to $137,400
If you believe that you or a loved one do not qualify for Medicaid benefits based on the above information, please give us a call. As knowledgeable Elder Law attorneys, we can provide the legal advice needed to achieve Medicaid eligibility without losing all income or spending down a lifetime of assets.