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Under both federal and New Jersey law, Medicaid is required to recover funds from the estate of an individual receiving ? or who has received ? Medicaid benefits on or after age 55.
For an adult to qualify for NJ FamilyCare, the total family income must be at or below 138% of the Federal Poverty Level. For a single person, that is $1,677 a month; for a family of 4, that is $3,450 a month (2023 guidelines).
The financial eligibility process also includes a five year look- back of the applicant's financial accounts and resources to determine if there have been any assets transferred for less than fair market value. To be eligible, a person applying for LTSS must disclose all income and all resources from the past 5 years.
For an adult to qualify for NJ FamilyCare, the total family income must be at or below 138% of the Federal Poverty Level. For a single person, that is $1,677 a month; for a family of 4, that is $3,450 a month (2023 guidelines).
Defining the Lookback Period The lookback period refers to the 60-month (or five-year) timeframe before a person applies for Medicaid during which the state examines financial transactions. The primary purpose of this period is to identify any asset transfers made at less than fair market value (gifts, for example).
No more than $20,000 in liquid assets as an individual, or $30,000 as a couple. Please note: Social Security Disability Benefits, Railroad Retirement System Benefits (received by an individual on their own account), retirement accounts (like an IRA or 401K) and the value of owned home and car are all disregarded.
Under New Jersey law?unless otherwise ordered?a guardian of the person shall personally visit the incapacitated person not less than once every three months. The guardian must maintain sufficient contact with the protected person to know his capacities, limitations, needs, opportunities and physical and mental health.
A single individual applying for Nursing Home Medicaid in 2023 in NJ must meet the following criteria: 1) Have income under $2,742 / month 2) Have assets under $2,000 3) Require the level of care provided in a nursing home facility.