What are the asset limits for Medicaid for nursing home care?

What are the asset limits for Medicaid for nursing home care?

| Apr 29, 2020 | Elder Care |

People in New York can control many aspects of their lives, but one thing they cannot control is time. It will keep moving forward no matter what people do and people continually grow older. As this occurs, there are many parts of the body which may break down over time. This means that people may need more medical attention than they once needed. For some the level of care people need may be greater than their spouse or family members can provide.

In these situations people may need to move to a nursing home, which can provide the appropriate medical attention. This care can be very beneficial, but like other types of care, it can also be expensive. Some may have private health insurance which can help pay for the costs, but sometimes the premiums are more than people can afford. People who find themselves in this situation may be able be eligible for Medicaid though, which can pay for the nursing home costs.

To be eligible people need to meet certain income and asset requirements. The level of income people can earn each month and the number of assets they can own depends on few factors.

For single individuals the income limit is $875 per month and they can own $15,570 worth of assets. For married couples who each need nursing home care, the income limit is $1,284 per month and the asset limit is $23,100. If it is a married couple, but only one spouse is applying, the income limit is $875 per month and the asset limit is $15,570 for the one applying, but the other spouse can have $128,640 in assets. It is also important to know that there are many assets, such as a home, that are exempt and do not count towards the asset limits.

There are many people in New York who need to live in a nursing home. Some of these people may be eligible for Medicaid, which can significantly reduce the out-of-pocket costs. With the right planning though many more people may be eligible. Experienced attorneys understand how to plan for Medicaid eligibility and may be a useful resource.