2018 - Medicaid, SSI, ABLE Account Figures - What You Need to Know
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