Medicaid is a state and federal program that can help you cover the costs of health care as you age. It is meant to aid those with limited income, so often people assume that they are not eligible to receive Medicaid help just because they own a house or other property.
Each state has its own regulations about who does and does not qualify for Medicaid. New York has three different types of Medicaid that you may be able to apply for:
- Institutional/Nursing Home Medicaid – requires a nursing home
- Medicaid Waivers/Home and Community Based Services – requires help with two activities a day
- Regular Medicaid/Aged, Blind and Disabled – no care required
Here are the income and asset rules that apply to those in New York:
Institutional/Nursing Home Medicaid or Medicaid Waivers/Home and Community-Based Services
- A single person – income limit of $875/month, asset limit of $15,750
- A married couple, both applying – income limit of $1,284/month, asset limit of $23,100
- A married couple, one applying – income limit of $875/month, asset limit of $15,750 for the spouse applying, $128,640 for the spouse not applying
Regular Medicaid/Aged, Blind and Disabled
- A single person – income limit of $875/month, asset limit of $15,750
- A married couple, both applying – income limit of $1,284/month, asset limit of $23,100
- A married couple, one applying – income limit of $1,284/month, asset limit of $23,100
If you meet these regulations or need help determining if you are eligible for Medicaid, talk with a professional with experience in long-term care planning. Taking advantage of this type of aid can make a huge difference in your life as you age.
