The 2018 figures for eligibility for Medicaid and Supplemental Security Income (SSI) are effective now that we are into the new year. The resource limit for a single person stays the same ($2,000) for SSI and long term care Medicaid programs.
For a spouse at home of a person qualifying for long term care Medicaid (often referred to as the community spouse), the resource limit has increased to $123,600.
The income limit (maximum federal benefit rate) for SSI is now $750 per month which then makes the Medicaid income limit $2,250 (always 3 times the SSI limit). Medicare part B monthly premiums have not increased. According to www.medicare.gov, the standard Part B premium amount will remain $134 per month. However, most people will pay less. The monthly personal needs allowance for people on Medicaid in a nursing home remains at $105. Finally, the home equity exclusion for Medicaid eligibility went up to $572,000. For a chart of these figures click here.
For anyone participating or recommending ABLE accounts to individuals and families, the maximum annual contribution has been increased to $15,000 in 2018. Read our previous blog post for more information about ABLE accounts.
Kole. J. Long
Elder Law Attorney
Co-Trustees, Guardian Trusts