New York State Budget & Medicaid

On Saturday, April 9, 2022, Governor Kathy Hochul signed the annual state budget and addressed many important issues facing older adults. The budget expands Medicaid benefits for people 65 and over as well as benefits for the disabled. It also increases wages to home health care aides, seeking to revive this industry and help the elderly age in place in their own homes.
Expansion of Medicaid
Income: Currently, a single Medicaid recipient with Home Care benefits can keep $934 of their monthly income. Income over that amount must be spent down on the cost of their care. Effective January 1, 2023, the new income limit rises to $1,563 per month, allowing Medicaid Home Care recipients to keep a more reasonable amount of their monthly income.  Medicaid recipients will still be able to utilize a Pooled Income Trust to protect their excess income over and above the income limit.

Resources: Currently, a single individual cannot have more than $16,800 in total assets in order to qualify for Medicaid benefits. Effective January 1, 2023, the new asset limit will be $28,134.

While these increases are substantial, many New Yorkers still have assets and income above these levels. The time to plan is NOW! No changes or restrictions regarding Medicaid planning were included in the budget.

Let me put you in touch with my team of attorneys and other resources to help you preserve your assets and protect your family. Contact me today.