One of the main obstacles for New Yorkers seeking Medicaid for home care is having an income that exceeds the Medicaid limit. This additional income is often referred to as “spend-down,” and Medicaid requires consumers to use it towards the cost of health care before accessing benefits, similar to a deductible. Unfortunately, this can be challenging or even impossible for many individuals.
As of 2/22/2023, New York Medicaid Income eligibility levels increased to $1,677 per month for an individual. For most consumers seeking home care, even those with incomes well above the Medicaid limit may find it challenging to afford housing and basic necessities, leaving little extra money at the end of the month. This leaves many people who need home care in a difficult position, unable to afford to spend down their income or pay for care out-of-pocket.
Fortunately, there is a solution: the pooled income trust. Disabled New Yorkers seeking Medicaid for home care can deposit their excess income into a pooled income trust, allowing them to qualify for Medicaid without having to spend down their income. The money deposited into the trust remains available to pay bills. Any income deposited by disabled individuals into the trust is disregarded when determining their Medicaid budget.
Those who have been found disabled by either the Social Security Administration or New York State may use a pooled income trust to qualify for Community Medicaid with Long-Term Care (the Medicaid level covering home care).
For more information about pooled income trusts or Medicaid eligibility, contact us or fill out the form to get started.
