Showing posts from 2017

2017 Social Security and Medicaid Income and Asset Limits

The 2017 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 $120,900.  The income limit for SSI is now $735 per month which then makes the Medicaid income limit $2,205 (always 3 times the SSI limit).  Medicare part B monthly premiums have increased. According to , the standard Part B premium amount has increased to $134 per month. However, most people will pay less. The average is $109. 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 $560,000.  For a chart of these figures click  here . Kole J. Long

SSI, Pooled Trusts, Penalties, oh my!

We have posted several times in the past few years about being able to utilize a Pooled Special Needs Trust (SNT) in Florida for individuals ranging from newborns to centenarians.  The good news is that individuals of any age can still utilize a Pooled SNT for Medicaid purposes with no problem . However, if the person is age 65 or older we need to also ask the question - are they receiving  Supplemental Security Income  (SSI) benefits? We still frequently field inquiries regarding individuals over age 64 that are looking to maintain their SSI income, as well as their Medicaid benefits, by using a Pooled SNT. Unfortunately, Social Security penalizes individuals that are over age 64 who are receiving SSI if they fund a Pooled Trust.  The penalty is one month for every $735 put into the Pooled Trust, up to a maximum of 3 years .  The $735 figure comes from the maximum monthly SSI benefit as of January 1, 2017.  Note, the maximum SSI penalty is only 3 years and not 5 years lik