Mar 2, 2023 New York Medicaid Increased Asset and Income Limits for 2023
New York’s Medicaid program increased the limits of income and financial assets with which an applicant can qualify for benefits in 2023. The new higher limits provide welcome relief to people struggling with the inflation that raged through much of 2022 and expand the pool of New Yorkers who can now qualify for needed coverage.
Ely J. Rosenzveig & Associates, PC, has extensive experience helping individuals and families plan for elder nursing care, both in long-term residential facilities and while living at home. Many people have valuable assets they wish to preserve for their children or other family members, which would be consumed entirely if they needed to pay for the expense of long-term elder care. If you or your family member needs advice on how to protect financial assets and remain eligible for Medicaid benefits, call our elder law estate planning attorneys today.
This blog post details the new 2023 changes in NY Medicaid’s income and financial resource eligibility limits. If you have questions regarding any of these changes, we’re here to help. Contact Ely J. Rosenzveig & Associates.
2023 Changes for New York Medicaid Eligibility
Medicaid Eligibility Income Limit Raised
Starting on January 1, 2023, the New York Medicaid monthly income limit was raised from $934 to $1,677 for individuals, and from $1,367 to $2,268 for couples.
Higher Financial Resources Allowed for 2023 NY Medicaid Eligibility
In addition to higher income allowances, New York Medicaid also increased the amount of financial resources an eligible applicant or benefit recipient can keep. Last year, New York Medicaid capped the level of resources at $16,800 for an individual and $24,600 for a couple. The 2023 resource allowance level was increased to $30,182 for an individual and $40,821 per couple.
That’s a 57 % increase in the individual resource cap and a 50 % rise in the level of resources a couple can retain while maintaining their Medicaid eligibility in New York.
Reduced Medicaid Spend Down Levels in New York in 2023
With the ability to retain a substantially higher level of income and resources while remaining Medicaid-eligible, applicants and current recipients will need to spend down fewer dollars to comply with the program’s rules.
The income cap’s increase also means that fewer dollars must be transferred into a Pooled Income Trust or Supplemental Needs Trust. Until these new limits came into effect, any Medicaid beneficiary whose monthly income exceeded $934 (plus $20 offset) needed to contribute the excess into a Pooled Income Trust. The need for these surplus deposits remains the same, however, because of the increase in income allowance, the amount of funds considered “surplus” is reduced. For some Medicaid applicants, having Medicaid re-budget their case using the 2023 numbers may get rid of the need to shield surplus income entirely – because there won’t be any.
You Must Get Re-budgeted to Benefit from 2023 Income and Resource Levels
The new 2023 income and resource limits will be applied to each NY Medicaid recipient’s case when the local Department of Social Services reviews its case budget. But the regular budget reviews have been suspended since the public health emergency (PHE) was declared due to COVID-19 to ensure that no one in need would be disqualified during the emergency.
The local Department of Social Services has started mailing the “2023 Budget Review Request Form” (MAP 3190). The form must be completed and submitted to your local agency to have your budget recalculated under the new levels immediately. If you do not receive the 2023 Budget Review Request Form, contact your local office. If you do nothing, your eligibility reassessment and budget calculations will be performed after the public health emergency is formally ended, or at the time you are required to do your annual Medicaid recertification. On January 30, 2023, the federal government announced that the formal end of the COVID-19 public health emergency will be on May 11, 2023.
That will trigger a wave of eligibility renewals will be sent to all Medicaid recipients. However, the reassessment process will continue through the rest of 2023 and into 2024. Only by proactively reaching out to your local office will you receive a more timely budget recalculation. During the budget recalculation, the new income and resource limits will be applied to calculate whether the Medicaid candidate must spend down any funds or contribute excess income into a Pooled Income Trust.
Get Experienced Professional Medicaid Planning Advice in New York
Every family confronts the reality of aging family members who need care. Common issues inevitably arise when a loved one ages or becomes disabled requiring in-home health care or entry into a long-term nursing facility.
For those fortunate people with unlimited financial resources, the expense of special care can be managed without threatening to deplete a lifetime’s savings. But most families who accumulate a nest egg don’t want to spend those hard-earned assets on nursing care if they can obtain quality care while preserving the resources they hoped to give to their children or grandchildren.
The lawyers at Ely J. Rosenzveig & Associates help families protect their assets from Medicaid spend-down requirements and from Medicaid reimbursement claims at the time of their death. Using an appropriate trust or another legal instrument to position your assets securely for your family and for your elder years is a primary focus of an elder law attorney’s practice.
The 2023 changes to New York’s Medicaid eligibility rules mean that you should consult with an experienced elder law Medicaid planning lawyer to ensure that you are receiving the benefit of every available opportunity to preserve and protect your income and resources for your spouse, your children, or to enrich the enjoyment of your own life.
Ely J. Rosenzveig & Associates is a leading New York Elder Law and Special Needs Law Firm with decades of valuable experience applying ever-changing laws to benefit New Yorkers looking ahead to the future.
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Contact Ely J. Rosenzveig & Associates:
Call 1.914.816.2900 or email us at: [email protected]