Legacy Estates of Monmouth is a Medicaid certified facility. Medicaid is a state funded program that provides financial assistance for care in a supportive living facility. If you are an individual, you may be eligible to receive assistance for your medical bills and supportive living care if your total assets do not exceed any of the following limits:
- No more than $2,000 in cash, bank assets, stocks, bonds or securities
- No more than $1,500 either for a revocable pre-paid burial plan or the cash value of your life insurance policy
- No more than $6,220 specifically and irrevocably set aside for funeral expenses (burial space, mausoleums, urns, caskets, grave markers, and opening and closing of the graveside are also exempt from consideration as assets, either under the $1,500 revocable or the $6,220 irrevocable burial plans.)
Trusts set up after August 11, 1993 are considered to be assets. Assets distributed over the last 36 months for less than fair-market value are considered countable assets. When the cost of care in a supportive living facility is paid for by Public Aid, the resident’s monthly income is turned over to the facility, of which the resident is allowed $90 for personal spending.
Legacy Estates of Monmouth accepts Medicaid and Medicaid Pending as a form of payment. with Medicaid pending, Legacy Estates of Monmouth will assist you in filing for Medicaid Benefits. You will be asked to provide documentation and personal information as required to complete the application process. We have provided a list below of some of the financial documents that may be requested.
If you are married and your spouse is living in the community, you may be eligible to receive assistance for your medical bills and supportive living care if your total assets do not exceed $109,560 and the combined monthly income for both the husband and the wife do not exceed $2,739 per month. In addition, when you move into a supportive living facility, your spouse may be able to keep your home, car, and your household furnishings and they are not counted toward your assets.
Financial Documentation that Medicaid may request, if applicable
- Last 3 years of Savings Account Statements
- Last 3 years of Checking Account Statements
- An explanation of deposits and withdrawals from either of the above listed accounts if over $500, excluding Social Security Income
- Social Security Card
- Medicare Card
- Insurance Cards (AARP, BC/BS, Molina, Etc..)
- Proof of Social Security Income, Income from Pension
- Proof of any Income
- Health and Life Insurance Policies with a statement of cash value
- Any pre-paid burial plans or cemetery lots with a statement of date of purchase and cash value
- Stocks, bonds, other securities and safe deposit box receipts
- Deeds and tax statements for property currently owned or sold in the last three years
- Verification of any accounts closed in last three years
- Real Estate or Farm Property- latest real estate tax bill and/or mortgage statement
- Proof of Annuities
- Veteran’s Administration Benefit Letter
- Black Lung Benefit Letter
- Disability Benefit Award Letter
We have done our best to provide you with a complete list of documentation that may be requested. There may be other items due to each person’s unique situation.
Please do not hesitate to contact our Admissions Team with any questions that you may have regarding these benefits. We are here to help!!