Medicaid is a health care program that is funded by both the State of New Jersey and the Federal Government. It is designed for those with limited resources and limited income and is designed to help people of all ages.
If your loved one is in need of being moved to an assisted living facility and cannot afford the monthly fee associated with this type of care, they may be able to receive assistance through Medicaid if they are at least 65 years old.
In this brief guide, you will be introduced to the income and asset limits imposed by the program.
Does New Jersey Medicaid Go by Any Other Names?
Yes, Medicaid that is designed for those who are already may be referred to as the “NJ FamilyCare Aged, Blind, Disabled Programs”. Many may refer to it as simply “ABD Programs”.
Medicaid Programs for Long-Term Care
Generally speaking, there are currently 3 different programs available for people 65 and older that require long-term care. These are:
- Institutional Medicaid / Nursing Home Medicaid
- Medicaid Waivers / The Home and Community Based Services
- Regular Medicaid / The Aged Blind and Disabled
Income and Asset Limits
Below, we will list each Medicaid program offered in the State of New Jersey and the income and asset limits associated with that particular program for an individual:
- The Institutional or Nursing Home Medicaid has an asset limit of $2,000 and an income limit of $2,382 a month.
- In the Medicaid Waivers or the Home and Community Based Services, there is an income limit of $2,382 a month and an asset limit of $2,000.
- In the Regular Medicaid Program or the Aged Blind and Disabled Program, the asset limit is $4,000 and the income limit is $1,073 a month.
NOTE: Elderly individuals who are residents of an assisted living facility or a nursing home are required to pay all of the income that they have with the exception of $50.00 each month, which is a personal needs allowance.
What Counts as “Assets” for New Jersey Medicaid?
The following is counted as “Assets”:
- Cash
- Bonds
- Stocks
- IRAs
- Credit Union
- Investments
- Savings Accounts
- Checking Accounts
- Real Estate Where Applicant Does Not Live
What Assets Are Exempt?
The following are considered “non-countable” for New Jersey Medicaid:
- Primary Home (If equity is $906,000 or less or if there is a spouse residing there)
- Automobile
- Personal Belongings
- Furniture
- Irrevocable Burial Trusts
What Is the Look-Back Period?
When applying for New Jersey Medicaid, it is important to understand that there is a 5-year period where Medicaid checks to make sure that nothing was sold or was given away under what is considered to be the “fair market value”. If a violation is found, Medicaid will consider the applicant “ineligible” for a certain period of time.
Contact Us Today
Is your loved one in need of assisted living? Are you having trouble navigating the New Jersey Medicaid eligibility requirements or find yourself struggling to understand?
If so, we here at Beacon Senior Advisors can help – with it all! Simply call us with your questions today: 973-713-0096