New York State Announces Updated 2023 Income Limits for Medicaid
For many of our clients in need of long-term care, Medicaid is a topic that generates a lot of questions – “Who’s eligible?,” “What assets are considered to be ‘countable resources?,” “Can they take my home?” – the list goes on. The answers, however, can be tricky.
Medicaid is a financial assistance program that provides health care coverage to millions of people across the U.S., including low-income individuals, adults ages 65 and older, and people with disabilities. In many cases, individuals who qualify for Medicaid receive critical health services that would otherwise be unaffordable.
Every year, the New York State Department of Health releases its updated Medicaid limits on resources and income. Effective January 1, 2023, applications for Medicaid will be evaluated under significantly higher income and resource limits, allowing more people to benefit from the government-funded program.
In 2023, New York State Medicaid recipients can now receive nearly 40 percent more income while still qualifying for Medicaid compared to the previous year. The updated monthly income threshold for an individual applying for Medicaid in 2023 is now $1,563 (compared to the previous limit of $934 in 2022). For couples, the limit is $2,106/month (up from $1,367 in 2022). The increased income limit allows Medicaid recipients to avoid “spending down” more of their income in order to receive the program’s benefits.
Countable resources, as it relates to Medicaid, refer to an individual or household’s assets. This includes money in the bank and investment accounts, cash value of a life insurance policy, vacation homes or investment real estate, and under certain circumstances, retirement accounts and primary residences. For 2023, the New York State Medicaid resource limit is $28,133 for individuals applying for both community and nursing home Medicaid. The resource limit for couples applying for Medicaid is $37,902. The new, higher resource limit allows applicants to maintain more assets in their name while still qualifying for Medicaid.
The team at DuBois Law Group has been helping individuals and families navigate tricky Medicaid questions since 2007, so we understand the ways in which requirements can change, how new regulations are administered, and are familiar with the agencies responsible for ensuring the delivery of care. If you or a loved one are in need of a nursing home right away, we can help you identify your options to best protect your family’s hard-earned assets. Contact our office today to get started.