![]() It is important to understand if your home may be subject to the Medicaid repayment process. Despite the fact that the home is not a countable asset, Medicaid can look for repayment in probate court from the sale proceeds after it stops paying for care. The maximum amount of home equity allowed when applying to Medicaid is $858,000. The Community Spouse is allowed to keep 100% of their marital assets up to $24,720. The Community Spouse is allowed to keep 50% of their assets up to $123,600 in countable assets, which is known as the Community Spouse Resource Allowance. If one spouse requires care and one does not, the spouse that does not receive care is known as the Community Spouse. If you have multiple assets and are looking to access Medicaid, it may make sense to speak with a Medicaid Planner or Elder Law attorney in New Jersey.Ĭouples that both require Medicaid for long-term care in New Jersey are allowed to keep $3,000 in assets. Countable assets include savings accounts, checking accounts, retirement accounts and a second home. This asset limit only applies to assets that are considered countable. If an individual’s assets are more than $2,000, they should learn about Medicaid Planning strategies. It’s important to note that individuals are not allowed to give gifts of any amount for a period of 5 years (60 months) before applying for Medicaid. If they are over this amount, they must spend down on care. Individuals in New Jersey can keep $2,000 when they apply to Medicaid for long-term care. New Jersey Medicaid Asset Limitations for 2023 Nursing homes in New Jersey are currently 73.8% occupied, with an average of 37,767 patients currently using the 51,189 available beds. There are 351 nursing homes in New Jersey, most of which accept Medicaid insurance as a form of payment. The average cost of Skilled Nursing Care in New Jersey is $140,430 per year, so securing Medicaid coverage is essential. Medicaid pays for the cost of Nursing Home care in New Jersey that meets certain financial and health criteria. You can also submit a paper application, which you can find on the state website ( here), or get assistance applying via an attorney. You can apply for Medicaid online by clicking here.
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