2008 Medicaid Eligibility Levels
December 12, 2007
This issue of the e-mail mailing list reviews the Medicaid eligibility levels for 2008 recently issued by New York State:
Medicaid Financial Eligibility for a Single Person:
Life Savings: $4,350
Monthly Income if in Nursing Home: $50
Monthly Income if Receiving Home Care: $745
Medicaid Financial Eligibility for Married Couple:
Life Savings for Institutionalized Spouse: $4,350
Life Savings for At-Home Spouse: $74,820-$104,400
Monthly Income for Institutionalized Spouse: $50
Monthly Income for At-Home Spouse: $2,610
Life Savings for Couple: $6,400
Income for Couple: $1,087
Note: The Healthy Spouse can keep substantially more income and life savings when the ill spouse is institutionalized. The law does not encourage home care. By planning in advance, assets can be protected and home care becomes a more viable option.
Transfer of Assets:
The Lookback period is 5 years for all transfers.
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