Effective January 1, 2023, New York State’s 2023 Fiscal budget is expanding the ability of New Yorkers who are 65+, blind, or disabled to qualify for Medicaid coverage by:
- raising the allowable amounts for Medicaid income eligibility level to 138% of the Federal Poverty Level (FPL), and
- increasing the allowable asset maximum limit for Community Medicaid long term care recipients by 50%.
Medicaid program recipients or those seeking Community Medicaid long term home care including 65+ years or older, blind, and/or disabled individuals will be affected by the increased eligibility levels for income and assets.
- Increased Income Limits
- Individuals – Change of individual income level as follows:
- 2022 – $934 monthly
- 2023 – $1563 monthly (estimate)
- Couples – Income level change for couples who both receive care as follows:
- 2022 – $1367 monthly total
- 2023 – $2106 monthly total (estimate)
- Increased Asset Limits
Allowable asset maximum limit for Community Medicaid long term care recipients will increase 50% for 2023. Assets that are counted include checking accounts, savings accounts, brokerage accounts, CDs, non-qualified annuities, individual stocks, real estate (not primary residence), and cash surrender value of life insurance. The following, however, are not counted as assets for eligibility purposes: tax-deferred retirement accounts, and traditional IRAs and 401ks, in payout status.
Here are the new asset levels:
- Individuals – Change of asset maximum level as follows:
- 2022 – $16,800
- 2023 – $28,134 (estimate)
- Couples – Asset maximum limit change for couples who both receive care as follows:
- 2022 – $24,600 combined
- 2023 – $37,908 combined
Persons who are still above these limits for income can still use a “pooled income trust” to deposit their “excess” income to pay for qualified bills.
For further assistance, please contact our offices for a consultation on qualifying for Medicaid and preserving as much of your assets and income as possible.