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Preparing for Medicaid

Preparing for Medicaid In New Jersey, If you or a relative or friend needs to apply for SSI/Medicaid money can be set aside to pay for funeral expenses before funds have been exhausted by medical or nursing home care. Persons who meet all of the other Medicaid eligibility rules, but whose assets or income are too high are permitted to “spend down” assets before they are exhausted. An irrevocable funeral trust account will with Choices™ meet all SSI/Medicaid requirements and also provide the paperwork required to show that funds have been allocated for a Medicaid recipient’s funeral arrangement. If a revocable trust had been established and it becomes necessary to apply for Medicaid, the trust account can be easily converted to an irrevocable trust to qualify as an excludable resource.

 

» Download NJPFTF SSI Medicaid Brochure