A person in New Jersey in need of nursing home care, they may be relying on Medicaid to help finance the care they need. However, it is the unfortunate fact that sometimes a person's initial application for Medicaid is denied, even if they have spent the time to try to develop a strong Medicaid planning strategy. This can be incredibly discouraging, but it does not have to be the end of the story. This is because it is possible to appeal a denied claim for Medicaid benefits.
Not everyone in New Jersey has, or can afford, long-term care insurance, which can be used for paying for nursing home care. Nevertheless, people should have a plan for how they will afford a stay in a nursing home, should they need it in their old age. This is when Medicaid planning becomes important.
Many people in New Jersey may have decided that they will rely on Medicaid in part to fund their stay in a nursing home, should they need such services in their old age. However, to do so, a person's countable assets cannot be valued above a nominal level, which is quite low. Most people do not want to impoverish themselves or deplete their estate, just to be able to afford nursing home care. Fortunately, people in such situations have asset protection options, and one of these options may be a Single Premium Immediate Annuity.
People in New Jersey who are in need of nursing home care or other types of assisted living care may be planning on using Medicaid benefits to fund such care. In order to qualify for Medicaid, a person's income must be below a certain level. However, through the use of a Qualified Income Trust it is possible for those with higher incomes to receive Long Term Services and Supports if they are otherwise eligible to do so.
While it is not exactly a pleasant topic to think about, many people in New Jersey may have opinions on what kind of end-of-life care they receive. Some may not want to remain on life support if they are in a vegetative state. Some may decide that if they are struck by a fatal illness, they want to enter into hospice care. And, some people may want physicians to take every possible step to keep them alive as long as possible.
Those in New Jersey who have an aging loved one who is in need of around-the-clock care may find the costs associated with such care can be distressing. As of now, 24/7 in-home care can set a person back $7,000 monthly. If you'd like your loved one to live in an assisted living community, this could cost as much as $8,000 monthly. And, should your loved one need nursing home care, the price tag could be a staggering $12,000 monthly. These costs could easily wipe out a person's finances all too quickly.
As people in New Jersey age, they may find their ability to care for themselves has declined. Whether it is due to an illness, an injury or simply old age, a person might decide that they have long-term care needs. Such care comes at a cost, however. Some people may be relying on Medicaid to pay for these services.
To qualify for Medicaid benefits, the combined total of a person's income and assets cannot surpass a certain threshold, which is relatively low. A person's home may be counted as an asset for the purpose of Medicaid qualification. However, people in New Jersey need not impoverish themselves to obtain Medicaid benefits. This is because there are exceptions to what counts as an asset when determining whether one is eligible for Medicaid.
The baby boomer generation is aging, and some may find that their parents are in need of nursing home care, or they may have reached an age where they themselves need nursing home care. Many people in such situations will want to apply for Medicaid benefits. However, sometimes when a person applies for Medicaid, their application is denied.
One thing that will be considered when a person in New Jersey applies for Medicaid benefits is that person's income. There is a limit to the amount of income a person can make for the purposes of receiving Medicaid benefits. Of course, income includes any wages earned. However, it can include other financial resources as well.