Transfers of Assets Affect Medicaid

If a Medicaid applicant is married and his or her spouse resides in the primary residence, then the home is an exempt resource. The spouse is entitled to keep resources of $120,900. The applicant must have less than $2,000. Any additional resources above these limits must go toward the cost of his or her nursing […]

Funding An Irrevocable Trust Sooner Than Later

An asset is owned by a trust once it is transferred into the trust that was created. This is known as funding the trust. The transfer of assets into a trust can occur in a number of ways depending on the type of asset. For Medicaid purposes the five-year look back period begins one month […]

New Jersey Medicaid Penalty Divisor Increased For Gifts

In order for an applicant to eligible for long term care Medicaid in an assisted living facility or nursing home, there is a five-year look back period. This means that all financial records as well as any gifts made during the previous five years must be disclosed to Medicaid. In accordance with New Jersey law, […]

Understanding Medicaid Terms

Medicaid is a state and federal program that provides health insurance for millions of Americans, including low-income adults, children, pregnant women, elderly adults and people with disabilities. States administer Medicaid to eligible individuals, according to federal requirements. The program is a state- and federally-funded program.

When reviewing a Medicaid enrollment or renewal application there will […]

New Jersey Looks to Expand Medicaid Waiver Program

NJSpotlight.com is reporting that the state of New Jersey is seeking permission from the federal government to expand its Medicaid waiver program for another five years. The program, which began four years ago and is expected to operate until June 2017, is currently being provided to Medicaid patients who are receiving long-term care and other […]

Miller Trusts

Effective December 1, 2014, in order to qualify for Medicaid, the applicant whose income exceeds the monthly income cap under the Medicaid program must create a Miller Trust. The excess monthly income is essentially placed into a self-created Miller Trust and paid directly to the nursing home each month by the designated trustee.

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