Is Your Loved One Eligible for a Medicaid Application?
To qualify for nursing home care paid for by Medicaid, a single person cannot own more than $2,000 in “countable assets”. When a couple is involved, they cannot own more than $128,640 (2020 figures and adjusted annually). * Please note that the family home does not necessarily have to be sold to qualify for Medicaid. It is also possible to retain substantial assets and still qualify for Medicaid.
Treatment of Income
Once your relative has qualified for New Jersey Medicaid, the nursing home resident must pay for nursing home care out of his or her own income. Sometimes, the income of the nursing home resident can be kept for the spouse who is still living in the home.
New Jersey Medicaid, Transfers & the 5-Year Look Back Period
The State of New Jersey may review all financial records for five years prior to the application for New Jersey Medicaid. If you have transferred the home, assisted with college tuition payments or made other transfers during this time, you may be ineligible for New Jersey Medicaid, even though you meet the other guidelines established. If you intend to make transfers of your property to someone else, consult with Tiboni & Tiboni, LLP to determine the future ramifications of the transfer.
Contact Tiboni & Tiboni, LLP for more information, and to set up a consultation.