There are other annual adjustments to Medicaid that you should know about.
How much money (or other assets) can you keep in your name and still be eligible for Medicaid?
The answer is now $15,900.
How much money can be kept by the spouse of a person in a nursing home on Medicaid?
The answer is now $130,380.
Of course, as my clients know, with spousal refusal the spouse can keep much more (topic for another day).
How much income can a person in a nursing home keep?
The answer is $50/per month, and this has been true and steady for many years. I think of this as the new socks and haircut account.
How much income can a person on Community Medicaid keep?
The answer is now $884 plus $20 or $904.
Of course, as my clients know, we can save more, if not all, of your income through the use of a “pooled trust” (a topic for another day).
How much income (minimum) can be kept by the spouse of a person in a nursing home?
The new amount is $3259.50. In other words, if the spouse’s income is less than this number, then he/she is entitled to take enough of the nursing home spouse’s income to bring his/her income up to that level. If their income is this amount or more they can keep all of their income but are not entitled to any of the nursing home spouse’s income.
I hope this helps! Please forward this information to your friends and relatives.
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
LISTEN TO LAWRENCE