On January 1, 2023 the Social Security Administration will be giving its recipients an 8.7% Cost of Living Increase (COLA). You probably know that if a person on New Jersey MLTSS-Medicaid receives gross fixed monthly income in excess of $2,523 (that’s the 2022 threshold), they must establish a Qualified Income Trust (QIT) to receive the excess income, in order to preserve their Medicaid eligibility. The threshold amount, referred to as the “income cap,” is increased each year on January 1. QIT_FAQs
You may have established a QIT as part of your MLTSS application process for Medicaid long term care services, in which case you will report the new income at the next redetermination and update the Schedule A on the Trust if you are putting Social Security income into your QIT. However if this COLA will now raise your income above the new income cap (expected to be about $2,700), it is crucial that you establish a QIT in December so that you are ready to protect your eligibility as of January 1, 2023.
For advice and assistance on QIT legal issues, please contact the office to schedule a consultation ………. 732-382-6070