Understanding Medicaid Income Guidelines
Overview To determine if an individual is financially eligible for New Jersey’s long term Medicaid program, Medicaid takes 3 factors into account, the applicants monthly income, the applicants available assets, and Medicaid will execute a 5 year look back to verify that there were no asset transfers for below market value (aka gifting). In this article, we are going to focus
How a Medicaid Penalty Period Works
Understanding How A Medicaid Penalty Works Before we get started with an in depth explanation of a Medicaid penalty, it is important to understand what a Medicaid penalty is. In short, a Medicaid penalty is a period of time that Medicaid will not cover the expenses of long term care, even if the applicant is clinically, and financially eligible. The causes
Community Spouse Income and Resource Allowance
What The Community Spouse Can Keep One of the most common concerns that I come across when dealing with clients applying for Medicaid in New Jersey is what will the healthy spouse, or “community spouse” be left with in order to be supported. Will Medicaid take all of our assets? Will Medicaid take all of our income? It is a very
Understanding the Medicaid Resource Limit
When determining if somebody is financially eligible for long term Medicaid benefits in NJ, there are 3 elements considered. Income, resources, and gifting In this article, we are going to focus on the topic of resources. Countable resources include, but are not limited to, Real estate, bank accounts, stocks, annuities and the cash value of life insurance policies. Every situation may be unique
Understanding PEME (Pre Eligibility Medical Expenses)
What Is PEME For most individuals, the cost of long term healthcare can be crippling. Thankfully, the federal and state government helps those in need cover much of the cost through a program called Medicaid. Eligibility for Medicaid is based on a thorough clinical, and financial review of the individual applying for Medicaid benefits. For the purpose of this topic, we are