Medicaid is a means-test program that may provide benefits for Chronic Care Medicaid or Community Medicaid, among other things. Chronic Care Medicaid is care that is provided in a skilled nursing facility and Community Medicaid is care that is provided in an individual’s home by a home health aide.
Qualifying For Chronic Care Medicaid In 2017
An applicant may have up to $14,850.00 in resources. A person may have retirement accounts, such as IRAs, so long as he or she is taking the minimum monthly distributions. A pre-paid burial account is considered an exempt asset. A person may have a maximum of $14,850 in assets and an income of no more than $50.00 per month. Any additional income must be used towards his or her cost of care.
A “community spouse” refers to a healthy spouse that can maintain independence in his or her home. If an individual qualifies as a “community spouse,” he or she may retain a maximum monthly income of $3,022.50 and a maximum total of $120,900.00 in countable assets, in accordance with Federal Guidelines. In addition, his or her home is an excluded asset, so long as they are living in the property and the value does not exceed $560,000.
Qualifying For Community Medicaid In 2017
This is the Medicaid program that will pay for care in an individual’s home. An applicant may have up to $14,850.00 in resources. A person may have retirement accounts, such as IRAs, so long as he or she is taking the minimum monthly distributions. A pre-paid burial account is considered an exempt asset. A person may have a maximum of $14,850 in assets and an income of no more than $50.00 per month. Any additional income must be used towards his or her cost of care.
Like Chronic Care Medicaid, an applicant’s spouse may have a maximum total of $120,900.00 in countable assets, in accordance with Federal Guidelines. In addition, his or her home is an excluded asset, so long as they are living in the property and the value does not exceed $560,000. However, unlike Chronic Care Medicaid, to qualify for Community Medicaid, the income rules are different for a spouse. A spouse may only retain $845.00 in monthly income as opposed to $3,022.50 for Chronic Care Medicaid. However, any income in excess of $845.00 can be placed in a Pooled Income Trust. This will allow the additional income to be used to pay other expenses that he or she may have such as utilities.
If you are in the process of planning for the future needs of a loved one, an experienced New York estate planning attorney can give you the legal guidance necessary to help plan for their future. From the simple to complex, the attorneys at Blodnick, Fazio & Associates are skilled in all aspects of elder law and estate planning and dedicated to representing their clients with diligence and compassion. For more information or to schedule a consultation, contact our Garden City estate planning law firm, at (516) 280-7105.
