Beware – New Jersey’s Medicaid Rules on Life Insurance are Tricky
Medicaid does not consider term life insurance policies as a resource, countable toward the appropriate resource maximum. However, Medicaid does count life insurance with cash value as a resource when the total death benefit of all cash value life insurance policies exceeds $1,500. These policies must be cashed in (or
What Assets are Exempt for Medicaid purposes?
The following assets are not countable by New Jersey for Medicaid purposes: Home, regardless of value in case of a married couple, or up to $786,000 in equity for a single applicant. The home must be the principal place of residence. If single, the nursing home resident may be required to
New Jersey Medicaid – Let’s Talk Assets
New Jersey has two Medicaid programs that cover nursing home care and other waiver programs that cover assisted living and at home care, with slightly different asset limits. The Medicaid Only nursing home program has an asset limit of $2000. The Medically Needy nursing home program has an asset limit
Can a Healthy Spouse Keep Any of the Medicaid Spouse’s Income?
In some cases the community spouse is entitled to continue receiving a minimum amount of the institutional spouse’s income, known as the Minimum Monthly Maintenance Needs Allowance (MMMNA). In 2012, New Jersey’s MMNNA figure is $1,839/month. If the community spouse has income less than $1839 per month then he/she
What Happens to a Medicaid Applicant’s Income after New Jersey Approves the Application?
A Medicaid recipient’s income must be given to the nursing home (or assisted living facility in the case of New Jersey’s Medicaid Assisted Living waiver program) and Medicaid will then pay the rest of the cost up to the Medicaid reimbursement rate (this rate is negotiated by each home
Is the VA Aid and Attendance Benefit Counted as Income?
I get this question frequently. Does New Jersey Medicaid count the VA benefit as income for eligibility purposes is more specifically the question. The answer is “no, it is not”. There is a specific Medicaid Communication (25 years old) that states that VA Aid & Attendance benefits are
Is any Income Excludible When Determining Medicaid Eligibility?
Defining income sounds simple but over the years we have fielded many questions from our elder law clients as to how New Jersey treats might treat different scenarios. Following are some of the more common ones. Money received from the sale of an asset (resource)is not income. The sale of
“The Name on the Check” Rule
How does the state treat income in the case of a married Medicaid applicant? Well, it depends on which Medicaid program we are talking about. In the case of New Jersey's 2 nursing home programs, Medicaid Only and Medically Needy, the applicant’s income is counted for purposes of eligibility but
What if Your Income is Greater than the Income Cap?
New Jersey has two nursing home Medicaid programs, one for those with $2094 a month of gross income and one for people with greater than $2094 per month. New Jersey's Medically Needy program is available to people whose income exceeds that number up to what is known as the Medicaid
What is Income?
To qualify for institutional - nursing home - Medicaid in New Jersey under its Medicaid Only program, one must have income below what is known as the income cap. This number is indexed for inflation and for 2012 is $2094 per month. It is important to note that income refers