Medicaid Planning in New Jersey
Medicaid Planning for Asset and Income Protection and Long Term Care. Do You Need a New Jersey Medicaid/Medicare Attorney? Visit MedicaidWebsites.com
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Americans are living longer than ever before. As a result, we face more challenges and transitions in our lives.
One of the most difficult transitions people face is the change from independent living in their own home or apartment to living in a long term care facility or “nursing home.”
Most people who make the decision to move to a nursing home do so during a time of great stress. Some have been hospitalized after a serious medical condition such as a stroke, or a fractured hip. Others have progressive illnesses such as dementia, Parkinson’s or multiple sclerosis.
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Whatever the reason, the spouse or relative who helps a person transition into a nursing home is faced with the daunting tasks of finding the right facility and securing a payment source for the care and services provided by the nursing home.
Both tasks are equally difficult as there are more than 64 nursing homes in Central New Jersey and 364 nursing homes and assisted livings in the state of New Jersey to choose from and the monthly cost for nursing homes in Monmouth County average between $7,500 to $11,000 or more.
Please note that the Congress has passed sweeping legislation that significantly affects Medicaid Nursing Home benefits.
The new law imposes punitive new restrictions on the ability of the elderly to transfer their assets before qualifying for Medicaid coverage in a nursing home.
These changes can have far reaching implications regarding your ability to access quality and affordable long term care.
Some of the more draconian provisions are:
- The look back period is extended from 3 to 5 years.
- The value of a house that can be exempt is $500,000.
- Annuities and many other planning tools will be eliminated.
- Monthly gifts are severely curtailed.
We have strongly encouraged individuals to readjust their long-term care path based on this potential new legislation. Preplanning is now increasingly more important in order to maximize the possibility of saving all of the family's assets. Once illness strikes the options become fewer.
If you have any questions about this very important area of the law, please contact Fredrick P. Niemann, Esq. at 732-863-9900 or e-mail him at info@njelderlawcenter.com.
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