The government finally released its figures for spousal impoverishment and Medicaid for 2017, which will extend into June, 2018.
|Minimum Monthly Maintenance Needs Allowance||$ 2,002.50|
|Maximum Monthly Maintenance Needs Allowance||$ 3,022.50|
|Community Spouse Monthly Housing Allowance||$ 600.75|
|Community Spouse Resource Allowance (2018)||$123,600.00|
|Home Equity Limit (single person, 2018)||$572,000.00|
Now updated for 2018, these numbers are very important for a married couple with one spouse in the nursing home. The spouse in the nursing home is generally referred as the "institutionalized spouse" while the spouse at home is the "community spouse."
If your spouse is in the nursing home, the community sposue will need to budget his or income. If you want to learn more, we have a great explanation of Florida's community spouse income diversion rules, which includes the Minimum Monthly Maintenance Needs Allowance, spousal diversion calculations and more. We also provide a free worksheet on calculating the Florida nursing home spousal diversion as well.
The needs allowances updates mid-year, so expect an update June 30, 2018, to some of these figures.
We have the full list of Florida Medicaid eligibility numbers that was fully updated for 2018.
People who read this may also want to attend a free virtual webinar to learn more about Medicaid, VA benefits and asset protection planning. Please sign up here to attend!
Before you leave:
If you are thinking about how best to establish your own estate plan, please feel free to download a free copy of my book, the Top 20 Rules to Protect Your Florida Estate!