Medicaid planning is an intricate method of estate planning that allows individuals who may not be eligible for Medicaid benefits to become eligible. Medicaid benefits have many advantages that assist recipients in saving money even if their income and assets may be too high to qualify. The Medicaid application process can be heavily time-consuming and constantly changing, therefore, Medicaid planning attorneys assist in remedying the anxieties of the application process that applicants may have while also making sure that individuals meet the income limits set by Medicaid in NY. Due to the ever-changing New York Medicaid rules, it is important to do Medicaid planning sooner rather than later, especially in cases where the applicant is applying for Medicaid with the intention of receiving nursing home coverage. Whether you start Medicaid planning early or not, consulting with an experienced attorney well-informed in Medicaid in NYC is highly recommended. To learn more about Medicaid Eligibility and the recent 2023 Medicaid changes in NY, read more below:
What Are the Income Limit Changes?
Beginning on January 1, 2023, NY Governor Hochul and the State Legislature passed increases in terms of income limits in regard to Medicaid eligibility for New Yorkers who are 65+, and considered a DAB (Disabled, Aged, Blind) individual. With this new change, the new 2023 income limit for an individual has increased from the before $934 to $1,677, and for couples that number has increased from the before $1,367 to $2,268. This increased income limit allows those who are both single and couples to now become eligible for Medicaid Benefits.
What Are the Resource Limit Changes?
The DAB community not only saw increases in income limits through these new changes but starting on January 1, 2023 resource limits were also increased in New York. The resource limit increased for individuals from $16,800 to $30,182 and for couples it increased from $24,600 to $40,821 in New York. These increases in resource limits may change your eligibility status for Medicaid Benefits and a Medicaid Planning Attorney can help you meet these new limits set by the state of NY.
Why Are the Resource Limit Changes for MBI-WPD Individuals?
Those of the DAB population are not the only individuals who have received increased limits starting on January 1, 2023, but MBI-WPD (Working People with Disabilities) also received an increase. The resource limit for individuals increased from $20,000 to $30,182 and for couples that number increased from $30,000 to $40,821. The specific monthly income limits for WPD individuals are $3,038 for an individual and $4,109 for couples, which is higher than the normal Medicaid set income limits referred to above. These increases in limits also increase the likelihood that you may be eligible for Medicaid Benefits.
What Are the Changes for the Medicare Savings Program (MSP)?
The Medicare Savings Program (MSP) is a program run by the State in which the Medicaid program pays for any additional part of Medicare premiums for low-income individuals. This program starting on January 1, 2023, has changed as well, there are now only two MSP programs. These two programs include QMB(Qualified Medicare Beneficiary) and QI(Qualified Individual). Prior to this change, there was also another program known as SLMB(Specified Low Income Medicare Beneficiary) and under these new changes it will now be included in the QMB program. This is good news for those in the MSP programs, as QMB pays for all Medicare co-pays, deductibles, co-insurance, etc.
What Are the Changes to MSP Income Limits?
Under the new legislation passed in the State of New York, MSP has also seen increases in income limits for eligibility. The income limits for QMB have increased from $1,133 to $1,667 for individuals and from $1,546 to $2,268 for couples. The income limit for the QI program has increased as well from $1,529 to $2,260 for individuals and from $2,060 to $3,057. Under these several changes that the NY State legislature has passed, you may be eligible for medicaid benefits or can be made eligible through the seeking of an experienced Medicaid Planning Attorney. With coverage, income limits, and resource limits it can become difficult to access your eligibility, but a Medicaid Planning attorney can assess your eligibility and tailor your Medicaid plan to fit your needs and lifestyle.
For further Medicaid Planning inquiries please contact the Law Office of Inna Fershteyn at 718-333-2394 to best prepare for your future through a tailored Medicaid plan that fits your needs and circumstances.