2022 Medicaid Income and Asset Guidelines

To qualify for certain government aid programs, applicants must have an income at or below the federal poverty level (FPL). On January 12, 2022, the federal government will implement its new poverty thresholds. They alter a family's Medicaid eligibility based on the income of its members. A family of four needs to make at least $17,000 of the federal poverty line ($23,030) to qualify. The limit for one person's income is $13,590. Pregnant ladies, for example, are an exception to this norm.

Although the federal poverty threshold serves as a starting point for most Medicaid eligibility caps, each state sets its own guidelines for who is eligible. Below you'll find the annual income thresholds that apply to single adults and families with two working parents. People can't always get Medicaid based on their income alone; there are other requirements that must also be met.

In New York, there is a maximum income threshold at which Medicaid eligibility is lost. The current maximum annual income for an individual is $15,750, and the maximum for a married couple is $23,100. These income caps aren't the only ones, though; there are also asset caps. A homeowner whose home is valued at less than $900,000, for instance, will not be eligible for Medicaid. But if you own your main home and have equity in it (less than $955k), you may be eligible.

New York has extended its Medicaid program. To be eligible for the program, candidates must meet both the asset limit and the income requirements. It's also required that applicants be at least 65 years old or disabled.

The state will raise both the income and resource limits for Medicaid recipients. The threshold for allowed income has been raised in the recently passed state budget. Most New Yorkers have earnings that exceed these thresholds, but those in dire straits still have options for qualifying for Medicaid. A Medicaid planner can assist you in determining how to best apply your assets toward Medicaid eligibility. Avoid making gifts of assets or selling them below market value.

Medicaid eligibility requirements include a cap on the combined assets a couple can have. This ceiling is $15,750 for an individual and $23,100 for a couple in the state of New York. When compared to the maximum asset limit in most states, which is often around $2,000 per person or $4,000 per married couple, this limit is significantly greater. People with a lot of assets might want to look into a Medicaid trust as a way to protect those assets.

New York will implement a 30-month look-back period for Medicaid eligibility beginning on October 1, 2020. At one time, these advantages were not subject to a retroactive waiting period. Because of budget cuts, the state's Medicaid long-term care program has been altered.

There are two ramifications of the shift. For one thing, it has a penalty for people who move assets within the first 30 months after qualifying for Medicaid. Applicants who change their names on bank accounts or real estate titles will also be impacted by this. Fair market value must be considered in all asset transfers. Lastly, this new rule says that people can't send in their Medicaid applications until October 2022.

People who use private duty nursing or home health care are also likely to be affected by the new rule. It could also have an effect on those who use assistance from the Community Development Participation Assistance Program (CDPAP) and the Assisted Living Program. People who are currently getting home health care through MLTC plans may also be impacted by the change.