|ALERT: NEW MEDICAID INCOME AND ASSET LEVELS
Each year New York revises its Medicaid numbers, that is the amount of income and assets a person can keep and still be eligible for Medicaid. This year is very special because the numbers increased twice (due to higher than expected inflation).
The new income limit is $1677 plus a $20 disregard, for a total of $1697. Therefore, a person needing Community Medicaid (aides in the house, etc.) can keep the first $1697 of their income. Income above this amount can be further sheltered in a pooled trust.
The income level allowed for a person needing Medicaid in a nursing home remains $50, and a pooled trust cannot be used.
The new asset level is $30,182. Therefore a person needing nursing home or Community Medicaid can retain up to $30,182, but any amount above this amount is vulnerable (unless some exemption applies, which is a topic for another day).
These new numbers are a huge jump from what they were but still relatively low. Remember that Medicaid is a welfare program and thus it is no surprise that they are low. Nevertheless, there are many strategies to position your assets to fit these low numbers over time.