Those who are considering Medicaid or have a loved one who might need Medicaid to pay for a stay in long-term care should pay attention as income and asset requirements for 2026 will be released soon.
To review, for a single adult living alone with no dependents, the maximum annual income is just under $21,600 or 138 percent of the federal poverty line. The dollar figures increase proportional to the size of the household.
Those over 65 or who are legally blind or disabled may have different income requirements.
The cap on assets for a person over 65 or legally disabled or blind is about $32,400 if they live alone and higher in some cases, such as if they are living with a spouse.
Only those who meet the appropriate income and asset requirements are eligible to receive Medicaid benefits. If they need long-term care, those who do not meet these requirements will need to make other arrangements to pay for that care.
The government will announce an annual adjustment for inflation usually at the beginning of January.
There are other considerations with respect to eligibility. Also, even how to count a household’s income and assets is subject to detailed rules and regulations. It’s not simply a matter of running through a person’s bank statement, for example.
Medicaid planning can benefit New York State residents who need to qualify
Many people living in New York might be in a bind. On the one hand, they have too many assets or too much income to qualify for Medicaid outright. On the other hand, they know they do not have any other way to afford their long-term care needs.
Someone in this situation, or their families, should start to think about their legal options for qualifying for Medicaid without incurring penalties or having to devote all their hard-earned resources to long-term care. There are legal ways to balance one’s own nursing home needs and their legitimate desire to pass some of their wealth to their family members.
