In order to be eligible for MO HealthNet nursing home coverage an individual has to remain under certain asset limits. MO HealthNet is the Missouri equivalent of Medicaid.
As of July 2017, the individual asset cap is set to change. There are also changes to allow the spouse of the individual in a nursing home to have more resources.
The individual asset limit has changed from $1,000 to $2,000. The asset cap is set to increase $1,000 per year until it reaches $5,000 in 2021. After that point, the cap will increase based on a cost-of-living index. The individual asset cap does exclude an individual’s primary residence, life insurance up to $1,500, and certain other assets.
The Minimum Maintenance Needs Allowance has also changed from $2,002.50 to $2,030 per month. The Monthly Housing Allowance is increasing from $600.75 to $609. The Minimum Maintenance Needs Allowance and the Housing Allowance are designed to allow the spouse of someone receiving MO HealthNet nursing home coverage to receive a monthly income to prevent impoverishment.
To make sure your estate plan is prepared for a nursing home stay or to find out how these changes may affect your estate plan please call Martha C. Brown & Associates at (314) 962-0186.