Medicaid Spend Down increase
Updated: Jan 18
Did you receive a notice from Monroe County about the Medicaid Spend-down increase?
The main thing to know now is that starting January 1, 2023, there will be an increase in eligibility and asset limit.
This is a significant increase and may even increase more in the coming months.
Increased Spending Limits Starting January 1, 2023
Individual: $1563 (up from $924)
Couple: $2106 (up from $1367)
Increased Resource Limits Starting January 1, 2023
Individual: $28,133 (up from $16,800)
Couple: $37,902 (up from $24,600)
So what does this mean for you?
It might be helpful to you since you may be able to keep more of your assets for
spending money each month. You may even find you don’t need to use a Pooled Trust.
Why act now?
At the next Medicaid renewal people will begin to see this updated info. This is due to happen as early as April of 2023, but will take up to a year for all people. You can expedite the process by contacting your local Medicaid agency to rebudget their income - and reduce their spend-down.
Call us today and see how we can help with this process and all other related Medicaid applications and renewals, and utilizing and updating Community Pooled Supplemental Needs Trusts to protect income. We work cooperatively with Elder Law Attorneys, Financial Specialists, Tax Consultants and trusted members of your team.