2024 updated Medicaid income and resource eligibility figures are now effective and are as follows:
- A Medicaid applicant can have no more than $31,175 in non-qualified resources. [Residences and retirement funds continue to be protected in certain circumstances].
- A single Medicaid community home care applicant who is 65 or older can retain monthly income of $1,752.
- A married nursing home resident has an income allowance of $50, and a resource allowance of $31,175.
- The healthy spouse residing at home (the “community spouse”) whose partner is a resident of a nursing home can retain $3,853.50 in monthly income. The community spouse may also retain resources of $74,820 to $154,140. Spousal refusal continues to be a tool used to achieve Medicaid eligibility even when the healthy spouse’s resources exceed the Medicaid allowance.
Although Medicaid is a program for those who have very little in income and assets/resources, with proper planning, those who currently have more than the Medicaid eligibility rules allow can still receive benefits without having to spend down a lifetime of savings.
Things to know about how gifts affect Medicaid:
- Gifts generally result in a period of ineligibility for nursing home care called “the penalty period.” The penalty period is equal to the value of the gift divided by the average monthly cost of a nursing home in the region, determined by Medicaid. (In Long Island, that number is $14,668, and in New York City it is $14,273.)
- Penalty periods do not apply to gifts made to a spouse or to certain other exempt persons. (Check with us to determine whether an exception exists in your situation.)
- Medicaid currently has a five-year financial “look back” period for nursing home applications requiring financial documentation for the past five years.
This is our field of expertise. 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 your nest egg.
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.
