Medicaid is a government program. It undergoes annual reviews, which often result in adjustments to the standards that determine eligibility. Financial eligibility for Medicaid involves meeting both resource (asset) and income tests. Some of the Medicaid standards have been adjusted as of April 2017.
Resource (Asset) Standard for A Medicaid Applicant
The resource standard to qualify for Medicaid has not changed in 2017. It is based on the total amount of resources you own. A single recipient cannot have more than $2,000 in non-exempt resources. For married couples, eligibility is based on the total amount of resources that both spouses own. As a general rule, married couples cannot have more than $56,726 in non-exempt resources (community spousal resource allowance of $54,726 plus $2,000 for the Medicaid applicant spouse).
Community Spouse Income Maintenance Allowance
The Minimum Monthly Maintenance Needs Allowance (MMMNA) is an amount of money a spouse in entitled to from the income of a spouse receiving Long-Term Medicaid benefits. As of April, 2017 the MMMNA ranges from $2,003 to $3,023 per month. The precise amount of income retained by the well spouse is determined through a complex calculation performed by the State.
Average Costs of Nursing Facilities
Long-Term Care costs can be enormous, and generally they increase each year. The following shows the increases in the average costs of nursing facilities from April, 2016 to April, 2017:
- Daily average statewide private nursing facility rate: $297, increased from $285
- Monthly average statewide private nursing facility rate: $9,038, increased from $8,670
- Average monthly state nursing facility rate: $6,068, increased from $5,872
Medicaid is available to seniors and the disabled to help pay for the cost of this care. With the proper Medicaid Asset Preservation StrategyTM, you can protect family assets while obtaining government benefits..
Medicaid Rules Are Complex – We Can Help
Medicaid rules are complex and confusing. The experienced Elder Law Attorneys of Elder Law Group PLLC are here to help you through the process of becoming eligible for and obtaining Medicaid benefits. We know what is necessary to qualify for these benefits and how they will work in conjunction with your existing financial situation.
At Elder Law Group PLLC, we help our clients protect assets, obtain Medicaid benefits, and create necessary Estate Planning documents. As skilled asset protection lawyers, we will give you legal advice on the best options available to meet your objectives and protect the assets you have accrued over a lifetime. We invite you to learn more about our team here, and read what our clients have to say about us here.
Contact us or call (509) 468-0551 (Spokane office), or (509) 579-0206 (Tri-Cities office), for personal, compassionate guidance on long-term care, asset protection, and Estate Planning.