In this State, in order to qualify for Medicaid benefits, an applicant’s resources cannot exceed $2000. N.J.A.C. 10:71-4.5(c). Resources are defined as:
any real or personal property which is owned by the applicant (or by those persons whose resources are deemed available to him or her, as described in N.J.A.C. 10:71-4.6) and which could be converted to cash to be used for his or her support and maintenance. Both liquid and non[-]liquid resources shall be considered in the determination of eligibility, unless such resources are specifically excluded under the provisions of N.J.A.C. 10:71-4.4(b).
The regulations explain that a resource must be “available” to be considered by the County Medicaid Office in determining an applicant’s eligibility. N.J.A.C. 10:71-4.1(c). A resource is deemed “available” when: “1. [t]he person has the right, authority or power to liquidate real or personal property or his or her share of it; 2. [r]esources have been deemed available to the applicant ([pursuant to N.J.A.C. 10:71-4.6]); or 3. [r]esources arising from a third-party claim or action” under certain circumstances. Ibid.
The value of the resource is “defined as the price that the resource can reasonably be expected to sell for on the open market in the particular geographic area minus any encumbrances (that is, its equity value).” N.J.A.C. 10:71-4.1(d). Importantly, the regulation explains that “[t]he CWA shall verify the equity value of resources through appropriate and credible sources.” N.J.A.C. 10:71-4.1(d)(3) (emphasis added). A determination regarding resource eligibility is made “as of the first moment of the first day of each month.” N.J.A.C. 10:71-4.1(e). The CWA may deny eligibility for Medicaid if applicant fails to timely provide verifying information or “verifications.” N.J.A.C. 10:71-2.2€; N.J.A.C. 10:71-3.1.
To discuss your NJ Medicaid matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com. Please ask us about our video conferencing or telephone consultations if you are unable to come to our office.
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Medicaid Attorney