Every year brings change, sometimes small sometimes big. Many of the government benefit programs that we work with frequently, such as MassHealth’s Medicaid program and the VA Aid and Attendance program, underwent slight changes as the clock turned to 2013.
Medicaid and VA Aid and Attendance are needs based programs. There are certain income and asset limitations. These numbers typically are tied to the Social Security increases. When Social Security benefits get a cost of living adjustment so do these other programs. In 2013 the increase for Social Security is 1.7%.
Accordingly, under MassHealth’s Medicaid porgram, an applicant must spend down countable assets to less than $2000 in order to qualify. However, in the case of a married couple, the healthy spouse can keep "countable assets" up to a certain dollar limit. This year that number is $115,920.
VA rates also have increase in 2013. A single veteran qualifying for Aid and Attendance benefits can now receive a maximum of $1732, an increase of $29 per month. A married veteran who needs care can qualify for as much as $2053 per month of tax free income and the widowed spouse of a veteran can receive up to $1112.
For more information about whether MassHealth’s Medicaid program or VA benefits may be available to you or your loved one call (800) 964-4295 (24/7) and register to attend one of our free, educational workshops.
At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones. We provide clients with a unique education and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.
Again, we encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.