Medicaid

Medicaid is welfare health coverage, funded primarily by the federal government and administered by each state. Unlike Medicare, Medicaid will subsidize nursing-home payments for those who qualify, including:

• People over the age of 65
• Those who are blind and on Social Security disability income
• The disabled

In addition to nursing-home payments, Medicaid also covers doctors' bills and prescriptions.

Medicaid planning is an important consideration in your lifetime-care strategy. With life expectancies on the rise and long-term-care costs in the stratosphere (nursing homes run upwards of $8,000 a month), the need to plan ahead is critical.

As Medicaid-planning attorneys in Ocean and Monmouth counties, we can help you navigate the complexities of the Medicaid system. If you think you may need assistance, make an appointment with us immediately, as it will take time to gather all the necessary information required by (depending on where you live) the Board of Social Services in Ocean County or Monmouth County. We will apprise you of your options, so you are educated when you apply for Medicaid. We'll also make sure that all your documents in order.

A few things to note:

• You must divulge all your assets to the Medicaid intake worker; otherwise you will be committing fraud
• If you have other health insurance (Blue Cross/Blue Shield, AARP), you have the option of keeping it; the premium will be deducted from your monthly income
• Group life-insurance policies have no surrender value; they are only payable upon death, so they are exempt
• Any other life-insurance policy that has a surrender value is considered an asset; it can be surrendered and added to the spend-down assigned to a funeral home to pay for a prepaid burial
• Medicaid considers fixed-term annuities part of your assets
• The community spouse's protection includes: ability to buy a new car, make repairs to the home, and purchase appliances needed in the home
• The current look-back period for resources (bank accounts) and trusts is five years
• The resource limit for Medicaid only is $2,000; the resource limit for medically needy / New Jersey care is $4,000
• The Medicaid income limit is $2,022
• The minimum ceiling for community spouse is $21,912; the maximum ceiling is $109,560
• The maximum amount for spousal support is $2,739

Contact our Medicaid Planning experts today to discuss your Medicaid concerns at 732.657.0600, or click here to send a message now.