The Medicaid Income and Resource Limits are set to see a major increase starting in January 2023, potentially allowing more people to qualify for Medicaid benefits. This, in turn, could help many seniors and those with disabilities get assistance with their medical costs, reducing their financial impact. Anyone who has concerns about covering the costs of home care or nursing home care costs should see if they qualify for Medicaid benefits.
What Are the Medicaid Income and Resource Limits?
The Medicaid Income limit determines how much you monthly income you can receive and still be eligible for Medicaid assistance. The Resource Limits determines how much you can have in other assets such as bank accounts, stocks, bonds, etc. and still qualify for Medicaid benefits. Although man may look at these Medicaid income and resource limits and feel that they won’t qualify for Medicaid, there are a number of important exceptions may apply to you.
To determine whether there are any exceptions that apply to you which enable you to qualify for Medicaid, contact a knowledgeable elder law attorney for a consultation.
How Much Are They Increasing?
The Medicaid Income and Resource Limits are set to increase to 138% of the poverty line.
This means that people can receive $1,563 per month in income as an individual or $2,106 per month in income as a couple, increasing from $934 per month for individuals and $1,367 per month for couples.
The asset limits will be increasing from $16,800 to $28,133 for individuals, while couples will see their asset limits increase from $24,600 to $37,902.
Why Are They Increasing?
The increases were passed into law in the most recent budget passed by the New York State Legislature. They are meant to combat increases in the cost of living that have disproportionately hurt people at the lower end of the income spectrum. These increases also benefit seniors seeking assistance with long term care costs associated with home care and nursing home care.
Why Might This Matter to You?
Even if you believe you will not qualify for Medicaid, the increases to the Medicaid Income and Resource Limits will benefit you with appropriate Medicaid planning. However, in order to understand how this might affect you, you should speak to an attorney with experience handling elder law and Medicaid.
Whether for yourself or for a loved one, estate and elder law planning can be overwhelming and emotionally taxing. The legal professionals at Hobson-Williams, P.C. will advise you on the options available to you, and help you establish a plan that best suits your needs. Call (718) 210-4744 or visit our contact page to speak to one of our attorneys and learn how Hobson-Williams, P.C. can help you gain the peace of mind that comes from being prepared for the future.
