Resources – Page 4 – Nancy E Kline

Resource Levels for 2016

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Jan 022016

Medicaid Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

RESOURCE LEVEL FOR THE MEDICAID APPLICANT FOR 2016:
For 2016, the resource level for the Medicaid applicant is $14,850. There is no change from 2015. GIS 15 MA/21.

RESOURCE LEVEL FOR THE COMMUNITY SPOUSE FOR 2016:
For 2016, the minimum resource level for the community spouse is $74,820 and the maximum is $119,220. There is no change from 2015. GIS 15 MA/21. For an explanation of how this rule works, see page 9 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State.

New Life Expectancy Table

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Jan 082015

There is a new life expectancy table to use when determining if an annuity, loan, promissory note or mortgage is actuarially sound. GIS 14 MA/28 states that the life expectancy table in its attachment is to be used in place of the life expectancy table at 06 OMM/ADM-5.

Resource Levels for 2015

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Jan 082015

Medicaid Financial Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

RESOURCE LEVEL FOR THE MEDICAID APPLICANT FOR 2015:
The resource level for the Medicaid applicant is $14,850 for the year 2015. GIS 14 MA/29.

RESOURCE LEVEL FOR THE COMMUNITY SPOUSE FOR 2015:
For 2015, the minimum resource level for the community spouse is $74,820 and the maximum is $119,220. GIS 14 MA/29. For an explanation of how this rule works, see page 9 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State.

Substantial Home Equity Limit for 2015

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Jan 082015

Medicaid Financial Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

HOME EQUITY LIMIT FOR 2015:
The home equity limit for Medicaid coverage of nursing facility services is $828,000 for 2015. GIS 14 MA/29.

For an explanation of how this rule works, see pages 13-14 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State.

New Life Expectancy Table

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Mar 072014

There is a new life expectancy table to use when determining if an annuity, loan, promissory note or mortgage is actuarially sound. GIS 13 MA/020 states that the life expectancy table in its attachment is to be used in place of the life expectancy table at 06 OMM/ADM-5. This GIS was issued in 2013. Note that GIS 12 MA/025, which had an updated table, was issued in 2012.

Substantial Home Equity Limit for 2014

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Dec 272013

Medicaid Financial Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

HOME EQUITY LIMIT FOR 2014:
The home equity limit for Medicaid coverage of nursing facility services is $814,000 for 2014. GIS 13 MA/022, page 3.

Note that it was $803,000 for the year 2013. GIS 13 MA/02, page 3.

For an explanation of how this rule works, see pages 13-14 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State.

Resource Levels for 2014

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Dec 272013

Medicaid Financial Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

RESOURCE LEVEL FOR THE MEDICAID APPLICANT FOR 2014:
The resource level for the Medicaid applicant is $14,550 for the year 2014. GIS 13 MA/022, page 2 and Attachment 2. Note that Attachment 1 lists the amount as $14,400, which was the 2013 amount; I assume this is a typo.

RESOURCE LEVEL FOR THE COMMUNITY SPOUSE FOR 2014:
For 2014, the minimum is $74,820 and the maximum is $117,240. GIS 13 MA/022, page 3 and Attachment 1.
For an explanation of how this rule works, see page 9 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State.

Life estate valuations

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Dec 272013

GIS 13 MA/06 advises that GIS 12 MA/001 has the correct method for calculating the value of a life estate, but the IRS website addresses provided in GIS 12 MA/001 are incorrect. This problem has already been noted on this website.

Unfortunately, GIS 13 MA/06 also contains an incorrect web address.

GIS 13 MA/06 does note that the IRS website can be changed at any time. Thus, GIS 13 MA/06 suggests that interest rates can be found by going to the IRS website and typing the following term in the search box: “Section 7520 Interest Rates”

GIS 13 MA/06 suggests that Table S can be found by going to the IRS website and typing the following term in the search box: “Table S”

As previously noted on this website, GIS 12 MA/001 changed the method of calculating the value of a life estate. Page 40 of Medicaid Financial Eligibility Rules for Nursing Home Care in New York State describes the old rule which was changed by GIS 12 MA/001.

Resource Levels for 2013

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Jan 282013

Medicaid Financial Eligibility Rules for Nursing Home Care in New York State should be updated as follows:

RESOURCE LEVEL FOR THE MEDICAID APPLICANT FOR 2013:
The resource level for the Medicaid applicant is $14,400 for the year 2013. GIS 13 MA/02, Attachment I.

COMMUNITY SPOUSE RESOURCE ALLOWANCE FOR 2013:
For 2013, the minimum is $74,820 and the maximum is $115,920. The community spouse may keep $74,820 or the amount of the spousal share, up to $115,920, whichever is greater. The “spousal share” is the amount equal to one-half of the total value of the couple’s countable resources as of the beginning of the most recent continuous period of institutionalization of the institutionalized spouse. GIS 03 MA/02, Attachment I.

New Life Expectancy Table

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Jan 042013

There is a new life expectancy table to use when determining if an annuity, promissory note, loan or mortgage is actuarially sound. GIS 12 MA/025 states that the life expectancy table in its attachment is to be used in place of the life expectancy table at 06 OMM/ADM-5.

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