What is the maximum income for Medicaid in New York?
Income limits for this state and federally funded program vary by age and household and type of coverage being sought. These guidelines are directly tied to the annual federal poverty guidelines and change on January 1st each year. Schedule a consultation to learn more about Medicaid’s income and resource levels and other eligibility requirements.
What is the Maximum Income for Medicaid?
The maximum allowable income to qualify for Community (Home Care) Medicaid in New York is $1,856 for an individual or $2,509 for a married couple, plus the cost of health insurance. For Chronic Care (Nursing Home) Medicaid an individual is entitled to a $50 income personal needs allowance, plus the cost of health insurance. In addition to income requirements, Medicaid also limits your countable assets. Further, if only one spouse is applying for Chronic Care (Nursing Home) Coverage, the community (or non-applicant) spouse is entitled to a keep an amount of the combined spousal income, or “minimum monthly maintenance needs allowance” of $4,066.50 per month.
What is a Medicaid Resource Test?
Medicaid is a government-funded program designed to help offset medical costs for low-income individuals at all stages of life. However, people with a certified disability and seniors over 65 must meet a resource test to qualify. For Community (Home Care) and Chronic Care (Nursing Home) Medicaid applicants, this assessment uses an electronic asset verification system to examine current bank accounts, retirement savings, stocks, and real property to determine if an applicant meets these strict resource limits. Thankfully, a person’s primary home, personal belongings, one vehicle, and burial funds are excluded. However, when applying for Chronic Care (Nursing Home) Medicaid coverage, the agency also reviews financial transactions over the past five-year period (look-back) to ensure that a recipient has not disposed of assets to qualify for Medicaid coverage.
Medicaid Resource Allowances for Applicants and Spouses
Medicaid provides a resource allowance of $33,038 for single applicants seeking Community or Chronic Care Medicaid coverage. If both spouses apply for Chronic Care (Nursing Home) Medicaid simultaneously, each would be treated as a single person and thus be allowed the individual resource maximum of $33,038 each. For a couple seeking Community Medicaid coverage, the combined resource allowance is $44,796.
Additional Medicaid Eligibility Requirements
Beyond income limits, applicants must be state residents and U.S. citizens or lawful immigrants in order to qualify for Medicaid. Some individuals may also qualify for Medicaid through SSI. If you are eligible for Supplemental Security Income (SSI), you may be automatically approved for Medicaid – an attorney can help confirm this.
Learn More About Maximum Income Limits for Medicaid in New York – Talk With Us Today
The above income and resource restrictions for Medicaid can be confusing. Contact the legal team at Tully Law Group, PC, today to schedule a consultation. Our team will take the time to explain the maximum income for Medicaid in New York, the program’s application process, and eligibility requirements so you and your family can plan for the future with confidence.
