New Jersey recently issued their updated numbers for calculating Medicaid eligibility in 2008. They are:
Minimum Community Spouse Resource Allowance - $20,880.00
Maximum Community Spouse Resource Allowance - $104,400.00
Resource Allowance for an Individual - $2,000.00
Resource Allowance for a Couple (both husband and wife in a nursing home) - $3,000.00
Minimum Monthly Needs Allowance - $1,711.25
Maximum Monthly Needs Allowance - $2,610.00
Monthly Personal Needs Allowance - $35.00
Shelter Standard - $514.00
Standard Utility Allowance:
- $344.00 – heating
- $210.00 – non-heating
- $29.00 – telephone
Average Cost of Nursing Home - $6,655.00
Income Cap Amount - $1,869.00
Home Equity Limit - $750,000.00