ELDER LAW LEGAL UPDATE: Important Changes to Social Security Income, Medicaid Resource and Income Allowances, and Regional Rates for 2024
The Elder Law Practice Group at Falcon Rappaport & Berkman would like to share some important Elder Law legal updates with our clients and professional partners that will impact Medicaid eligibility for applicants/recipients in 2024.
Federal Benefits Updates
Recipients of Social Security and Medicare benefits should note the following changes[i] effective for 2024:
| Social Security Benefits | 3.2% COLA increase in benefit |
Medicare Benefits:
| Hospital Deductible | $1,632 |
| Co-Insurance (Days 61-90) | $408/day |
| Skilled Nursing Facility (SNF) Co-Insurance (Days 21-100) |
$204/day |
Please note that Medicare coverage may be discontinued prior to the expiration of the first 100 days of an individual’s stay at a skilled nursing facility.
Medicaid Resource & Income Allowance Figures for 2024
The New York State Department of Health has released its updated Resource and Income Allowance figures[ii] for the Medicaid Program.
Effective January 1, 2024, the following Resource and Income allowance levels apply:
Community-Based Medicaid (Home Care):
| Applicant Resource Allowance (Individual) | $31,175 |
| Applicant Resource Combined Allowance (Married Couple) | $42,312 |
| Applicant Income Allowance (Individual) | $1,732/mo |
| Applicant Income Combined Allowance (Married Couple) | $2,351/mo |
Institutional (Nursing Home) Medicaid:
| Applicant Resource Allowance (Individual) | $31,175 |
| Applicant Resource Combined Allowance (Married Couple) | $42,312 |
| Applicant Income Allowance | $50/mo |
| Community Spouse Resource Allowance | $154,140 (maximum) |
| Community Spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) | $3,853.50/mo |
Please also note that these resource/income allowances do not account for certain “exempt resources” which are not counted toward the resource/income threshold for Medicaid eligibility, and that certain planning strategies may be employed to help individuals who might otherwise not be financially eligible for Medicaid benefits secure Medicaid eligibility.
If you have questions about whether you are eligible for Medicaid benefits, we strongly encourage you to contact the Elder Law attorneys at Falcon Rappaport & Berkman at (516) 599-0888 to schedule a consultation to discuss your Medicaid planning options.
What Do These Changes in Social Security Benefits and Medicaid Eligibility Criteria Mean for Individuals Utilizing Pooled Income Trusts?
If you are a Medicaid applicant or recipient who utilizes a Pooled Income Trust, we also encourage you to contact the Elder Law attorneys at Falcon Rappaport & Berkman at (516) 599-0888, to discuss how you may have the monthly funding of your Pooled Income Trust account re-budgeted to account for this change in the amount of income that a Medicaid recipient is allowed to keep each month.
Community Medicaid Look-Back Period Delayed
The New York State Department of Health has not yet announced an official date on which the state will begin to implement the 2 ½ year look-back period for Community (Home Care) Medicaid applicants that was announced in 2020.
What does this mean for our clients? The delay in the implementation of the 2 ½ year look-back period means that, for a limited period of time, Community (Home Care) Medicaid applicants will be able to transfer their assets without incurring a transfer-of-assets penalty. We strongly encourage all individuals who believe they, or a loved one, may benefit from home care services to contact the Elder Law attorneys at Falcon Rappaport & Berkman at (516) 599-0888 as soon as possible so that we may review your options before the look-back period is implemented.
Updated New York State Regional Rates for Nursing Home Care
The New York State Department of Health has updated its 2024 regional rates[iii] representing its assessment of the average cost of nursing home care in different regions throughout the state. The Medicaid program utilizes these figures when determining penalty period calculations due to uncompensated transfers or gifts of assets occurring during the five-year look back period.
As of January 1, 2024, the following regional rates shall be effective:
|
New York City (Manhattan, Queens, Brooklyn, Staten Island & Bronx) |
$14,273 |
|
Long Island (Nassau & Suffolk Counties) |
$14,668 |
|
Northern Metropolitan (Westchester, Dutchess, Rockland, Ulster, Orange, Sullivan & Putnam Counties) |
$14,165 |
|
Rochester (Chemung, Ontario, Steuben, Livingston, Schuyler, Wayne, Monroe, Seneca & Yates Counties) |
$14,419 |
|
Central (Broome, Jefferson, Oswego, Cayuga, Lewis, St. Lawrence, Chenango, Madison, Tioga, Cortland, Oneida, Tompkins, Herkimer & Onondaga Counties) |
$12,196 |
|
Northeastern (Albany, Fulton, Saratoga, Clinton, Greene, Schenectady, Columbia, Hamilton, Schoharie, Delaware, Montgomery, Warren, Essex, Otsego, Washington, Franklin & Rensselaer Counties) |
$13,235 |
|
Western (Allegany, Erie, Orleans, Cattaraugus, Genesee, Wyoming, Chautauqua & Niagara Counties) |
$12,241 |
Why are these figures important? When engaging in complex Medicaid planning, these figures will be utilized by your elder law attorney to strategize promissory note gift/loan calculations, estimate penalty periods, and counsel clients on options for their estate and long-term care planning.
We look forward to continuing to work with our elder law clients to assist them with all aspects of their estate planning, long-term care, and Medicaid planning needs. Please contact the Elder Law Practice Group at Falcon Rappaport & Berkman at (516) 599-0888 to schedule a consultation for your estate and long-term care planning in 2024!
[ii] See 24ma01_att1.pdf (ny.gov)
[iii] See GIS 23 MA/21 (ny.gov)
DISCLAIMER: This summary is not legal advice and does not create any attorney-client relationship. This summary does not provide a definitive legal opinion for any factual situation. Before the firm can provide legal advice or opinion to any person or entity, the specific facts at issue must be reviewed by the firm. Before an attorney-client relationship is formed, the firm must have a signed engagement letter with a client setting forth the Firm’s scope and terms of representation. The information contained herein is based upon the law at the time of publication.