The Importance of Medicaid Planning in New Jersey

If you are a New Jersey resident and believe that you do not qualify for Medicaid benefits, think again. Governor Christie’s decision to expand Medicaid under the Affordable Care Act is projected to provide coverage to 395,000 uninsured New Jersey residents. In addition to providing expanded coverage for those who need it, the expansion is also anticipated to spur economic growth within the state.

An individual is able to apply for New Jersey Care – New Jersey’s Medicaid program for the elderly – at the age of 65. In order to receive benefits, the applicant must meet certain financial requirements. Currently, these requirements are:

  • Maximum monthly income for an individual: $931.00
  • Maximum monthly income for a couple: $1,261.00
  • Maximum resources for an individual: $4,000
  • Maximum resources for a couple: $6,000

Not only will New Jersey’s Medicaid expansion assist more residents in obtaining coverage, but it is also projected to increase jobs and economic activity within the state. Currently, the state pays for half of all Medicaid costs. With the expansion, the federal government will pay for 100 percent of the costs for the estimated 395,000 new enrollees. This will last until 2016, when the Federal government’s share will slowly drop to 90 percent over a four-year period.