Significant Increases to Medicaid Resource Limits in 2023
There’s good news for seniors who are either on Medicaid Community or Nursing home Care for 2023 or who might need those services in 2023.
Social Security Income (SSI) beneficiaries will receive an 8.7 percent annual cost of living adjustment in 2023.
Income Levels for Medicaid Will Change
Medicaid recipients with an income spend-down will also receive notice in the coming weeks of significant changes to the 2023 Medicaid income and resource limits. The Income limit for a single individual on Community (Home Care) will go up from $934 in 2022, up to $1,563 in 2023.
Some of the common questions asked about the amount of assets you are allowed for 2023 are as follows:
Q: How much can I keep in my name if I am on Nursing Home or Community Medicaid or will apply in 2023?
A: The resource level for an SSI-related individual will increase from $16,800 ($24,600 for a couple) to $28,133.00 for an individual ($37,902 for a couple) effective January 1, 2023.
Q: What if I am working and need Medicaid?
A: You may be eligible for the Medicaid Buy-In program for Working People with Disabilities. The Resource levels for that program will also increase on January 1, 2023. Currently there is a fixed level of income of $20,000 for individuals and $30,000 for a couple. It will increase to $28,133.00 for an individual ($37,902 for a couple) effective January 1, 2023.
Effective date: The new income and resource levels are effective for January 1, 2023, and apply to new applications and requests for an increase in coverage on or after January 1, 2023.
This is great news for people with disabilities or older adults who are just over the current threshold! This increase will reduce the number of Medicaid recipients who have excess income.