Medicaid has strict rules with respect to eligibility requirements for assistance to pay for a person’s long-term care. An individual must satisfy the resource and income requirements for Medicaid eligibility.
New Jersey requires that an individual’s gross monthly income be less than the Medicaid income cap in order to qualify for Medicaid assistance. The Medicaid income cap is changed annually based upon the maximum Supplemental Security Income (SSI) benefit. Last year the maximum SSI benefit was $841.00 per month. According to the New Jersey Medicaid regulations, a person’s gross monthly income is not allowed to exceed 300% of the maximum SSI benefit for a single individual. Therefore, the Medicaid income cap in 2022 was $2,523.00.
The SSI benefits for 2023 increased by 8.7%. The maximum SSI benefit for a single individual in 2023 is $914.00. The Medicaid income cap for 2023 is $2,742.00. This was calculated as follows: $914.00 x 3 = $2,742.00.
If a person’s gross monthly income exceeds $2,742.00 then they will not qualify for Medicaid unless they deposit their income into a Qualified Income Trust, also known as a QIT.