Changes in NY Medicaid Income Limits 2023 & Pooled Trusts

Some really big changes to New York State Medicaid that may impact people who are over 65 or disabled! Too long, didn't read: The income cap has gone up, which means some people may no longer need to use a pooled trust. Also, the resource cap has gone up, which means people may accumulate more money in their bank accounts. This does NOT mean that your family or friends should transfer money into your name to bring you up to your new resource limit!!!
Details:
Effective January 1, 2023, for SSI-related consumers (this is for people who are over 65 or disabled/blind):
Increase in the income level to $1,563 for an individual and $2,106 for a couple.
Increase in the resource level to $28,133 for an individual and $37,902 for a couple.
The Medical Assistance Program/ Homecare/ Nursing Home division are sending a one-time mailing with the attached documents required for a new budget.
For current Medicaid consumers who do not contact the Medicaid (or reply to the mailing) for a recalculation of their income, the Medical Assistance Program will redetermine the consumer eligibility at the next consumer contact or at renewal, whichever comes first.
--

Yana Feldman & Associates, PLLC
New York Legacy Lawyers
Estate Planning & Elder Law

We’re Generation Lawyers. We help families protect their loved ones and pass their wealth and their values on to the next generation.

The Briq Building
132 32nd Street, Suite 301
Brooklyn NY 11232
Tel : (718) 713-8080
[email protected]