By Brian L. Miller

With the new year upon us, the New York State Department of Health has issued its updates to the allowed income and resource limits for Medicaid applicants and recipients.

For new Medicaid applications submitted between January 1, 2024, seeking community Medicaid benefits, an individual is allowed to keep non-exempt resources of $31,175 (up from $30,182 in 2023) and income of $1,732 plus a $20 unearned income credit (up from $1,677 plus a $20 unearned income credit in 2023). Individuals seeking nursing home Medicaid are still limited to only $50 a month of income but are allowed to keep non-exempt resources of $31,175 (up from $30,182 in 2023). The income and asset values increase for married couples but are subjective as to whether one or both spouses are receiving Medicaid benefits, and if so, which type of Medicaid (community and/or nursing home) each spouse is receiving.

In addition to the increase in asset and income limits, New York state has increased the equity limit that one may have in their primary residence and still qualify for Medicaid benefits. The primary residence equity limit has increased to $1,071,000 (up from $1,033,000 in 2023). While your home may be considered exempt for Medicaid purposes, it may eventually be subject to Medicaid estate recovery upon your passing and/or subject to a lien put in place during your lifetime (liens can be sought if you are receiving nursing home Medicaid benefits).

To ensure that your estate and asset protection planning complies with the current laws, or should you have any questions about your Medicaid benefits, please contact Littman Krooks LLP.