Although you may prefer not to think about it, there is a significant possibility that you will need long-term care at some point. With that in mind, it is wise to familiarize yourself with the Medicaid program and the eligibility guidelines that apply to seniors. To get you started, a Loveland Medicaid planning attorney at Zimmer Law Office discusses the Ohio Medicaid limits for 2023.
Why Do I Need to Worry about Qualifying for Medicaid?
If you never relied on Medicaid during your working years, you are undoubtedly wondering why you would need to plan for the need to qualify for Medicaid as a senior. The need to qualify for Medicaid may arise from the need for long-term care (LTC) at some point during your retirement years. With the average cost of LTC running at almost $100,000 a year in Ohio for 2022, the average person cannot afford to cover that cost out of pocket. Although Medicare will likely cover most of your healthcare costs as a senior, it will not pay for LTC nor will most basic health insurance plans. Unless you purchased a separate LTC plan, you may be faced with paying out of pocket unless you qualify for Medicaid.
Understanding the Medicaid Program
Medicaid is a healthcare program that is predominantly funded by the federal government; although, each state has the option to supplement federal funding and each state is responsible for administering the program. As such, the benefits and eligibility guidelines for Medicaid vary somewhat from one state to another. In addition, the limits, exemptions, benefits, and procedures that apply to Medicaid are subject to change each year. Finally, individual state Medicaid programs typically include several eligibility categories, including one for applicants who are “aged,” meaning those who are 65 years of age or older. To ensure that you will qualify for Medicaid if you need it, it is crucial to understand the eligibility criteria and keep informed about important changes to the program.
Ohio Medicaid Eligibility Limits for 2023
Because Medicaid is considered a “needs-based” program, applicants must have income and assets below the applicable limits to be eligible for benefits. Because the income limit is directly tied to the federal poverty level, the income limit may change each year. For 2023, the income limit in Ohio for regular Medicaid for the aged is $914 for an individual and $1,371 for a couple if both spouses are applying. If you are applying for the Medicaid Waivers / Home and Community Based Services or Institutional/Nursing Home Medicaid program the limit is $2,742 for an individual and $5,484 for a married couples applying together.
When determining eligibility, any income you receive is counted, including things such as employment wages, alimony payments, pension payments, Social Security Disability Income, Social Security Income, IRA withdrawals, and stock dividends. If you are married, and only one of you needs Medicaid benefits, you may apply as an individual and your spouse’s income will not be counted when determining eligibility. The non-applicant spouse, however, may be entitled to a Minimum Monthly Maintenance Needs Allowance (MMMNA) from the applicant spouse. The MMMNA is a spousal impoverishment rule that sets the minimum amount of monthly income a non-applicant spouse needs to avoid impoverishment. Until June 30, 2023, the MMMNA is $2,288.75. If a non-applicant’s monthly income is under $2,288.75, income can be transferred from the applicant’s income to increase the non-applicant spouse’s income; however, the non-applicant’s income cannot exceed $3,715.50/
Contact a Loveland Medicaid Planning Attorney
For more information, please join us for an upcoming FREE webinar. If you have additional questions or concerns about incorporating Medicaid planning into your estate plan, contact an experienced Loveland Medicaid planning attorney at Zimmer Law Office by calling 513-721-1513 to schedule your appointment today.
- What You Need to Know about Planning for Elder Care - March 21, 2023
- Can a Trust Be Contested? - March 16, 2023
- Ohio Medicaid Limits for 2023 - March 14, 2023