Medicaid’s 2023 Spousal Impoverishment Adjustment
It is imperative to have up-to-date information when you are estate and long-term care planning. How you manage your money will matter if you have a spouse who must live in a nursing home or other long-term care facility. The government has very detailed and specific rules about what assets you can have while still being eligible for government benefits that can support you and your spouse.
Because the government regularly updates its figures and its rules, staying abreast of adjustments is critical. Here, consulting with an attorney can be incredibly advantageous as a legal professional will always make it a point to understand and know what changes have been made concerning the law they practice. A Canton elder law attorney at The Law Office of Brian S. Karpe can help you plan for the future, including how to strategically manage your wealth so that your spouse will be eligible for government benefits that help pay for long-term care.
2023 Guidelines for a Community Spouse
When one spouse in a married couple must live in a long-term care facility, and the other spouse does not, the spouse that does not require long-term care is called the community spouse. There is a certain amount of money that the community spouse can keep so that their partner can receive government benefits from the Centers for Medicare and Medicaid Services to help them pay for their care. If the community spouse has more money than the top threshold set by Medicaid, their spouse who needs long-term care could lose those financial resources.
In 2023, CMS indicates that the community spouse may have as high as $148,620 and at least $29,724. If they fall within these guidelines, they will not negatively impact their partner’s benefits. Federal and state lawmakers understand the high cost of long-term care. This is why the standards allow a community partner to retain assets so that they do not become destitute using their wealth to pay for long-term care for their partner.
Each year these standards are changed. This is why it is vital when you are planning for the future that you are informed and do so strategically. Having the help of an experienced elder law attorney that knows how to maximize benefits and protect your wealth can be advantageous. There may even be ways for the community spouse to retain more assets than the maximum amount. An attorney will be able to evaluate one’s situation and determine the best way for this to happen.
Speak with an Elder Law Attorney in Connecticut Today
Because as high as 70% of people aged 65 and older will require some type of nursing home or long-term care, planning in advance for the costs is essential. Nursing home care can cost thousands of dollars each month.
For help with long-term care planning in Connecticut, please call a Connecticut elder law attorney at The Law Office of Brian S. Karpe at 860-217-1458. You can schedule a free consultation with attorney Karpe to determine what options exist that will meet your goals and needs.