Medicaid Alert: New York State Budget

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, allowing Cona Elder Law to continue to help our clients preserve and protect all that they have worked for.  Call us at 631.390.5000 for a free consultation with one of our award-winning attorneys to preserve your assets and protect your family.