If a person provides gifts within five years of a Medicaid application then he or she will be denied Medicaid assistance for a period of time known as the penalty period. The penalty period is calculated by taking the value…
Tag: New Jersey law
Special Needs Trust
A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
Life Insurance and Medicaid
Medicaid considers some life insurance policies to be an asset subject to the spend-down process. According to the New Jersey Medicaid regulations, the first step in analyzing life insurance policies is to determine the face value of all of the…
Medicaid: Date of Check Rule
What happens if a person writes a check towards the end of the month but it is not cashed until the following month? Our New Jersey Medicaid regulations require that an individual own no more than $2,000 of resources as…
Medicaid Trap: First Moment Rule
Applying for Medicaid assistance to help pay for long-term care can be a daunting task. There are numerous rules and regulations that often present significant problems for individuals who are attempting to obtain Medicaid. Many people refer to these as…
