New York State Announces 2024 Medicaid Income and Asset Levels

• The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024
  • Medicare Part A Hospital deductible is $1,632 for 2024 (The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period.)
  • Medicare Part A coinsurance of $408 per day for day 61 through 90 in a benefit period and $816 a day for lifetime reserve days.
  • Skilled Nursing Facility Co-insurance $204 for rehab days 21-100 if the patient qualifies for rehab services.
• Medicaid Resource Level for an individual $30,182
• Medicaid Resource Level for a married couple $40,821
• The Medicaid Monthly Income Level for an individual is $1,677
• The Medicaid Monthly Income Level for a married couple is $2,268
• Surplus Income for Home Care can be directed to a pooled income trust
• Net Available Monthly Income (NAMI) for Institutional Care goes to the Nursing Home over $50
• The SSI resource levels remain $2,000 for individuals and $3,000 for couples.
• The Maximum federal Community Spouse Resource Allowance is $154,140.00.
• The community spouse Maximum Monthly Maintenance Needs Allowance (MMMNA) is $3,853.50.
• The home equity limit for Medicaid coverage of nursing facility services and community-based long-term care is $1,071,000.00.

Veterans Benefits:

• The 2024 Veteran’s Aid and Attendance Pension Benefit is:
  • Single: $2,300.75 a month or $27,609 annual
  • 1 Dependent (Spouse or Child) $2,727.42 a month or $32,729 annual
  • Widower’s benefit $1,612.75 or $19,353 annual

Period and Lookback for Veterans Benefits:

• There is a three (3) year lookback for transfers of assets.
• A penalty period is a length of time when a Veteran is not eligible for pension benefits because he/she transferred assets for less than fair market value during the lookback period which is a financial review of the 36 months (3 years) preceding the application. The Veterans Administration will not pay pension benefits during a penalty period.
• The penalty period rate in 2024 is $2,727.