What are the income and asset limits for Medicaid eligibility?

What are the income and asset limits for Medicaid eligibility?

On Behalf of | Jan 20, 2022 | Elder Law And Nursing Home Issues |

As people in the Buffalo area grow older, their lives, priorities and needs will change. People’s health can deteriorate over time. Some will need extra assistance to ensure that they are receiving the proper medications and assistance they need to complete daily tasks. In order to receive this care some will need to move into nursing homes. People will need to pay for living at nursing homes though and one of the better payment options for people is to apply for Medicaid which can help pay for the costs.

While generally people who are 65 or older may be able to receive Medicaid, there are additional requirements that must be met. In general people must show they have a financial need for it. To demonstrate this, there are limitations on both income and assets for people to be eligible.

The income limitations depend on the number of people in the family. If there is only one person in the family, people must earn less than $11,200 annually, which equates to $934 monthly. If there are two people in the family, the income limitations increase to $16,400 annually and $1,367 monthly. The income limitations continue to increase the more people in the family.

Asset limits

There are only two numbers for total assets owned. Individuals may only have $16,800 in assets and for families with two or more, the maximum value of their assets must not exceed $24,600. These asset limitations do not count a home, car and other assets though.

These numbers may seem low, but there are ways people can keep themselves below the maximum allowances for Medicaid. People may be able to put assets into trusts, but certain rules must be followed in order for the trust to actually be beneficial.

There are many people in New York who will need to move into nursing homes when they grow older. The nursing home can be expensive though and one way people can reduce the amount they have to pay is by applying for and receiving Medicaid. While the asset and income limits are low, with proper Medicaid planning people may still be eligible. Experienced attorneys understand the different planning methods and rules for those methods who may be able to guide one through the process.