Medicaid is a key resource for many New York families, offering health insurance for those with financial challenges. However, what is the maximum income for Medicaid in NY? It is essential to understand Medicaid income limits for eligibility when you are planning for yourself or a loved one. Our team could help simplify the process so that you can effectively plan for your family’s future.
Medicaid examines most sources of income, including wages, Social Security payments, and pensions. The maximum income limit for Medicaid in NY varies based on how many people live in your house and the type of Medicaid plan you are applying for. As of 2024, the maximum monthly income limits for most applicants are $1,697 per month for an individual, and $2,288 per month for a married couple. While these limits are for the standard Managed Care Plan, keep in mind that these amounts can change each year. This is why it is important to always double-check before applying.
If you are applying for Medicaid in NY to cover long-term care benefits, such as nursing home care, there are slightly different maximum income limits. Although the income cap is the same, Medicaid also considers your assets. In 2024, individuals seeking long-term care from Medicaid can hold up to $30,182 in resources, while married couples can hold up to $40,820 if both individuals need care. When only one spouse needs long-term services, the other partner is allowed some funds, known as the Community Spouse Resource Allowance, which ensures that the healthy spouse is not left financially vulnerable.
If you exceed the maximum income in NY, do not assume that you do not qualify for Medicaid. New York has arrangements like the Medicaid Spend-Down Program that allow you to qualify by using your excess money to pay for medical expenses. Another option is setting up an income trust, which can redirect some of your excess income into a trust that pays for living expenses and maintains your eligibility for Medicaid.
Navigating Medicaid’s rules can feel like trying to solve a puzzle. Fortunately, you do not have to go through it alone. We are here to walk you through the process, answer your questions, and find the best option for your family. Whether it is applying for Medicaid, protecting your assets, or setting up a trust, our team is here every step of the way.
Our goal is to give you peace of mind while ensuring your family’s needs are met. Reach out to our team today to learn more about the maximum income for Medicaid in NY and begin creating a plan that works for you.
