Social Security COLA and QITs for Medicaid recipients
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...
The 1.7% COLA increase in Social Security will be disregarded by SSI
Some people who are disabled receive a modest amount of Social Security Disability benefits and also receive Supplemental Security income (SSI). To be eligible for SSI, the total countable income in a given month must not exceed certain amounts that are set annually. If one receives at least a dollar of SSI, s/he can receive Medicaid for health insurance.
Effective January 1, 2015, the Social...