Reminders of Medicaid Figures that were adjusted January 1, 2016:
1. The Community Spouse Protected Amount (CSPA), or the amount of Assets, in addition to excluded assets, that may be kept by the well spouse remains the same, capped at $119,220.00, and the minimum CSPA is $23,884. Ask me how to ensure proper spend down and protection of assets so that you or your loved one can qualify for Medicaid!
2. The maximum monthly income that one can receive and still qualify for the Connecticut Homecare Program for Elders (CHCPE) is $2,199.00. However, don’t forget to ask me how to qualify if your income exceeds this amount, with the use of a pooled trust with PLAN of CT.
3. The maximum home equity exemption remains $828,000.00
4. The average cost of one month in a nursing home, per the Department of Social Services (DSS), has increased from $11,851/month to $12,170 /month. Remember that DSS uses this figure to calculate any penalty period associated with any gift made during the look-back period, so an increase in the divisor indicates that a shorter penalty period will result from the gift made this year than in years past. It is also the monthly amount authorized to be transferred without penalty under a Transfer for Other Valuable Consideration, so ask me for more information!
5. The Minimum Monthly Needs Allowance (MMNA) for the Community Spouse has increased to $1,991.25.
6. Shelter Costs have increased from $589.88 to $724.00.