How Does New Jersey Calculate Medicaid’s Snapshot Amount?
Medicaid divides the countable assets on the snapshot date by two, allowing the Community Spouse to keep one half of the overall countable assets up to the maximum (in 2012) of $113,640. The institutionalized spouse (Medicaid applicant can keep no more than $2,000 or $4,000, depending on the Medicaid program
How Does New Jersey Medicaid Treat a Married Couple’s Assets?
Medicaid combines both spouses’ assets together in determining eligibility. The healthy or community spouse is allowed to keep a portion of the countable assets after the couple spends down for Medicaid eligibility. This division of assets is known as the Community Spouse Resource Allowance (CSRA) and the maximum amount in
When Does New Jersey Treat an Asset as “Inaccessible” for Medicaid Purposes?
In order to be considered a countable asset in the determination of Medicaid eligibility, it must be “available.” An asset is considered available to an individual when he/she has the right, authority, or power to liquidate it, or at least his or her share of it. Assets may also be
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