Medicaid 2018 Asset and Income Limits (with Analysis)
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- เผยแพร่เมื่อ 31 ม.ค. 2018
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Every year the State of 's Department of Health adjusts certain Long Term Care Medicaid asset and income limitations for Long Term Care applicants and recipients. The following is a summary of the changes made for 2018.
The Long Term Care Resource Limit for Single Individuals ($2,000) and Married Couples ($3,000) has not changed.
The Spousal Resource Standard has increased from the 2017 amount of $120,900, to the 2018 new limit of $123,600. What this means is that if one spouse is in a nursing home (the "institutionalized spouse") and one spouse still lives in the community (the "community spouse"), the the community spouse can retain up to $123,600 of Countable Resources. The rationale is that the spouse who is not in the nursing home needs assets to live off of.
Note that the Home Equity Limit has increased from $560,000 in 2017, to $572,000 for 2018. Most people realize that the home is not a countable resource - it is an exempt asset. But what some don't realize is that when a Medicaid recipient dies, the State of has Estate Recovery Rights which allows the State of to force the sale of the home to reimburse Medicaid for what Medicaid spent on the deceased Medicaid recipient's care.
However, if the home, at the time of Medicaid application, is worth more than $572,000, then the applicant will not qualify for Medicaid due to 's Home Equity Limit of $572,000.
Regarding monthly income, the new Spouse's Maintenance Needs is $3,090 of monthly income. Generally, the Community Spouse will be permitted to keep the first $3,090 of the couple's monthly income. Exceptions to this rule apply, however, so work with the right estate planning attorney to protect as much of your assets and income as possible.
Finally, the Average Monthly Cost for Private Patients of Nursing Facility Services remains at $4,000, as it has since November 1, 2007. This means that if you make an uncompensated transfer within five years prior to applying for Medicaid, you will be assessed a penalty period of the value of the transfer divided by $4,000. The fact that the actual cost of nursing home care increases each year makes it very difficult to transfer assets prior to a nursing home stay to protect assets. This $4,000 number really should be increased since the lower the number - the longer the penalty period.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450 - ตลก
Thanks for all the information. I’m 71 and I guess it’s time to deal with all this.
As a former home health nurse, my clients, of course, chose to stay in their home and hire private or in--home care assistant, an option I don't hear mentioned very often. At least they were able to keep the expenses down and not have to sell their home . But there is always taxes, insurance, utilities, maintenance, maybe mortgage. I found stats that indicated going into assisted living is still cheaper, but your next step is nursing home. Makes me dizzy!
Great presentation and gentlemanly of you to share this knowledge with general public. Good on you!
If you were Medicaid dependent and needed long term nursing care what state would you prefer to be in? Thx.
Thanks for this video! Very helpful! What about both couples are in the community but need Medicaid in case a big medical bill comes?
Look into what's called a qualified income trust.
Well done sir 👍
Thank you Shift!
How find podcast mentioned at 10;00?
What is the name of the house for my claims
Is the asset limit $2000 per single person or less than $2000? You said both as example for a single person. So what is the monthly income limit for a single person with income from Social Security and a Pension plan?
If you ever found an answer to this would you let me know?
so at one time,
I had
$1583.9
in my bank account.
Rent is $1,000.00
I’m married but
we are separated she lives in Canada 🇨🇦
So, I’m “good”
Sadly I have 7 health issues
Of them
M. S.
P.T.S.D.
I have parents, mother is 75 in poor health ready for hospice, father is 92 doing ok (still drives), their total income is $1700 a month, they own a small old house worth maybe $30k in Alabama.
The Hospice wants them to sell the house so they can get paid for their service. Father still lives there and doesn't want to sell the house. Neither them or other family members cannot afford the $4-6K a month for Hospice. Where do you go from here? apparently they don't qualify for Medicaid because they make $50 a month to much.
If he lives in the home, it is not to be counted as an asset.
Wow $1700 a month sounds awful low for them not to qualify for Medicaid! Did they have more than $2000 in their checking account? Sounds like they may have had $2,050?! May want to look into a Miller Trust!
@@icie4u well rent alone here is one thousand dollars a month, and the seven hundred dollars would barely pay bills. We have to avoid getting my daughter her drivers license because our insurance would get even higher so we are just driving her to work.
A social worker specializing in elder care told me that Medicare will cover hospice if a doctor determines that there is less than 6 months to live. If the family member lives longer in hospice may or may not have to pay additional costs, depending on one's individual insurance plan.
@@louisedavis4235 Thanks, but they both passed away last year.
So you want the best Medicaid on the planet?? Move to New York State!
WHAT A FUCKED SYSTEM::::