Asset Limit Community Spouse – $130,380
Monthly Income Limit – $2,382
Spousal Diversion – $3,259.50
Burial Designation – $10,000
Personal Needs Allowance – $70
Transfer Penalty Divisor – $8,517
A Community Spouse is a legal spouse of a Medicaid applicant who is not applying for Medicaid. A Spousal Diversion is the amount of household income a Community Spouse is permitted to keep if his or her individual income is below this limit.
The balance in retirement accounts (such as an IRA or 401k) does not count against the applicable asset limit. The distributions from these accounts are countable as income in the month received.
Homeplace property is not a countable asset. However, it is subject to Medicaid Estate Recovery after a Medicaid recipient’s death.
Burial designations include Term-Life Insurance, the face value of Whole Life Insurance, a Burial Savings Account, and/or the countable portion of a pre-need burial contract.
Maximum Pension Amount Married Veteran – $2,295/mo
Maximum Pension Amount Surviving Spouse – $1,244/moApplicant must have a net worth below $130,773 (excluding home and certain personal belongings)
Transfer Penalty Divisor – $2,295
Monthly Income for VA Purposes (IVAP) equals gross income minus monthly medical expenses. If the IVAP is less than zero, applicant receives maximum monthly amount. If the IVAP is greater than zero, the applicant receives only enough pension to bring the IVAP up to the maximum benefit.
Eligible Wartime Periods:
World War II – December 7,1941 – December 31, 1946
Korean Conflict – June 27, 1950 – January 31, 1955
Vietnam era – August 5, 1964 – May 7, 1975
Troops in Vietnam – February 28, 1961 – May 7, 1975
Note: Each VA claim is unique and the above criteria is generic in nature and may not be applicable to each claimant. There are never any guarantees that any claim or specific benefit amount will be awarded.
Legal Disclaimer: This information has been provided for informational purposes only. It does not constitute legal advice. Proper legal advice can only be given based on the specific facts and relevant law for each individual. Therefore, you should always seek appropriate counsel before acting upon the information contained herein.