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.
If a person receives a pension or funds from retirement accounts, these may be considered income. In addition, if a person receives Social Security benefits, this may also count as income. If a person is receiving workers’ compensation benefits or disability benefits, this may also count as income. Income also includes any unemployment benefits a person receives or any amount of money they earn through self-employment.
If a person receives child support this may also count as income. Income may also include anything received from a trust fund, dividends or annuities. There may be other sources of income not listed here that will be included when determining whether a person is eligible for Medicaid.
People in New Jersey who are interested in applying for Medicaid need to be aware that there are income limits that apply to Medicaid eligibility. If a person earns too much in income, they may not qualify for Medicaid benefits. Of course, no one wants to see their assets completely depleted in order to receive Medicaid benefits. Fortunately, there are certain types of trusts that can be set up to help prevent asset depletion that go beyond the scope of this post. Through Medicaid planning, a person can decide what steps they can take to preserve their assets while still qualifying for benefits.