What is the maximum income for Medicaid in New York? Income limits for this state and federally funded program vary by age and household. 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.
The maximum allowable income to qualify for Medicaid in New York is $1,732 for an individual or $2,351 for a married couple. The agency excludes $50 from income calculations for personal needs. In addition to income requirements, Medicaid also limits your countable assets. For an individual, that maximum is $30,182 or $42,312 for a couple.
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 go through a resource test to qualify. This assessment uses an electronic asset verification system to examine bank accounts, retirement savings, stocks, and real property to determine if an applicant meets these strict income limits. Thankfully, a person’s primary home, personal belongings, one vehicle, and burial funds (up to the limit) are excluded. However, the agency also reviews financial transactions over a five-year period to ensure a recipient has not disposed of significant assets to qualify.
Medicaid also provides a resource allowance of $31,175 for applicants in nursing homes. If both spouses apply for Medicaid simultaneously, that resource allowance increases to $42,312 for the married couple. If only one spouse is on the application, the community (or non-applicant) spouse would be entitled to a minimum monthly maintenance allowance of $3,853.50.
Beyond income limits, applicants must be state residents and U.S. citizens or lawful immigrants 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.
The income 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.
