Good news for Medicaid recipients! A month ago we wrote about Medicaid eligibility numbers being increased this year. Well, effective immediately, Medicaid recipients or applicants in New York State will enjoy another increase in the income and asset limitations, as set forth below:
- A Medicaid applicant can now have up to $30,182 in non-qualified resources* in his or her name (a big increase from $16,800 in 2022 and from $28,133 earlier this year);
- Couples who are both applying for Medicaid coverage will be able to retain $40,821 in non-qualified assets (up from $24,600 in 2022 and from $37,908 earlier this year).
- A home care Medicaid applicant can retain monthly income of $1,677 (a large increase from $934 in 2022 and from $1,563 earlier this year);
- Couples who are both applying for long term care services at home can retain $2,268 per month in income (up from $1,367 in 2022 and from $2,106 earlier this year).
*Residences and retirement funds continue to be protected in certain circumstances. If you or a loved one are currently receiving Medicaid services at home, you may wish to make changes to your pooled trust deposits for 2023, which will result in the retention of more income in the Medicaid recipient’s own name. Give us a call if you’d like us to help you recalculate the appropriate pooled trust deposit for 2023.
Note: The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.