Warshaw Burstein LLP | New York State Announces 2024 Medicaid Income and Asset Levels
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New York State Announces 2024 Medicaid Income and Asset Levels

01/02/2024
The 2024 COLA for Social Security is 3.2%
 
  • 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 $1,732
  • 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.
     
* New York is a Maximum State
 
Warshaw Burstein, LLP provides sophisticated and cost-effective Elder Law services available to seniors and individuals with disabilities. We take an individualized approach and collaborate with their care team to understand our clients’ circumstances and personal goals. We then discuss the applicable laws and formulate a strategy with our client to obtain the care that is needed while protecting their assets. We take great pride in creating creative solutions that work.