Does your father need Medicaid?
Medicaid is the primary funding source for long-term care for millions of disabled and elderly Americans, providing vital long-term care coverage to those who qualify for the benefit. Important figures for 2021 follow:
Medicaid Individual Resource Allowance: $2,000.00.
Resource Allowance for a Couple who both reside in a facility: $3,000.00.
Medicaid Community Spouse Resource Allowance:
Medicaid Monthly Maintenance Needs Allowance:
Minimum: $2,155 (Until July 1, 2021)
Medicaid Monthly Personal Needs Allowance (PNA): $50.00/month for recipients in a nursing home, $117.75/month for assisted living facility residents and $2,382/month for recipients of Medicaid-paid home health aides.
Medicaid Divestment Penalty Divisor: Effective April 1, 2021, the penalty divisor has increased to $361.20 per day, amounting to $10,986.50 per month and $131,838 per year. For all cases received on or after April 1, 2021, the new daily penalty divisor of $361.20 will be used in the calculation. The penalty divisor was $357.67 per day through March 31, 2021.
Medicaid Income Limit: A “Miller Trust,” also known as a “Qualified Income Trust,” is required when income exceeds $2,382.00 / month in “income cap” .
Principal Residence Equity Limits: Minimum: $603,000; Maximum: $906,000
Community Spouse Monthly Housing Allowance: 646.50 (Until July 1, 2021).
Standard Heating and Utility Allowance: $548.00
All of this information is overwhelming. Let us help you navigate through the ruff waters of being approved for benefits today.