New York Medicaid Changes Across The Years For Your Loved Ones

Beginning January 1, 2023, the asset and income limits for Disabled, Age 65 and up and Blind Medicaid applicant’s looking for long term care benefits have greatly increased.

ASSETS:

In 2022 the applicant could have no more than $16,800 of assets in their name, otherwise they would not be eligible for Medicaid benefits. The asset limit has now increased to $30,183. This will allow recipients retain significantly more assets and still qualify for Medicaid benefits.

INCOME:

In 2022 the applicant could have no more than $934 of income. NOW the income limit is $1,677. This means applicant’s name now keep more of their income. With the rise in inflation and the higher cost of living, this HUGE. Many applicants may no longer need to contribute to a Pooled Income Trust. For those recipients who have been receiving Medicaid benefits may be able to get their budget revised and if their income in below the $1,677 they may no longer need to contribute to the Pooled Income Trust.

POWER OF ATTORNEY: A Power of Attorney is a legal document whereby you as the principal appoint someone you trust to act as your Agent. This document allows your Agent to conduct what I like to call the “business of you.” Your agent will be able to do everything that you are able to do such as pay your bills, handle your finances, make loans, change beneficiaries, sue someone, etc.

HEALTH CARE PROXY: A Health Care Proxy is a legal document whereby you appoint someone to make medical decisions in the event you can no longer make your own decisions.

LIVING WILL: A Living Will is a legal document that spells out what medical treatments you do and don’t want when you are truly at the end of your life.

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