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Preserving & Protecting
YOUR FAMILY'S ASSETS & LEGACY

2023 New York Medicaid Updates

by | Jan 3, 2023 | Medicaid Planning |

For those New York residents who are in need of long-term care, New York State offers two Medicaid programs to cover the cost of such care. There is Community Medicaid, where the care is customarily administered in the person’s home by an aide, and Chronic Medicaid, where the care is administered in an institution, like a nursing home.

At the beginning of each year, the New York State Department of Health adjusts the financial eligibility requirements for its Medicaid programs. Below is a list of the main financial eligibility requirements for an individual, for 2023. Also included are the most frequently utilized spousal impoverishment allowances for 2023.

Resource/Asset Allowance: $28,133.00
Community Medicaid Monthly Income Allowance: $1,563.00
Chronic Medicaid Monthly Income Allowance: $50.00
Community Spouse Monthly Income Allowance: $3,715.50
Community Spouse Resource Allowance (max): $148,620.00

The above-listed items are only some of the many things to considered when determining Medicaid eligibility. If you have questions or would like to learn more about long-term care and Medicaid, you should seek the advice of an experienced Elder Law attorney.

By Wayne R. Carrabus, CPA, ESQ, at Futterman, Lanza & Pasculli, LLP with offices in Smithtown, Bay Shore and Garden City, NY, and clients throughout metro New York. He concentrates his practice on Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Estate Taxes, Probate and Estate Administrations.

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