With the New Year come new Medicaid income and resource eligibility figures which became effective January 1, 2023. Although Medicaid is a program for those who have very little in income and assets/resources, those who currently have more than the Medicaid eligibility rules allow can still receive benefits without spending down their life savings. Here are the current requirements:
A Medicaid applicant can have no more than $28,133 in non-qualified resources. 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 $1583.
The healthy spouse residing at home (the “community spouse”) whose spouse is a resident of a nursing home can retain $3,715.50 in monthly income. Where the community spouse does not receive $3,715.50 in monthly income, the community spouse can receive additional income from the sick spouse until the community spouse’s monthly income reaches $3,715.50.
Spousal Impoverishment budgeting rules allow the community spouse to have available resources of $74,820 to $148,620.
If you are unsure whether you or a loved one qualify for Medicaid benefits based on the above information, please give us a call or email us! As knowledgeable Elder Law attorneys, we can provide the legal advice you need to achieve Medicaid eligibility without losing all income or spending down a lifetime of assets.