05 Sep Will I lose my health coverage because of an inheritance?

Q. I am 50 years old and my minor child are both on NJ Family Care. I am potentially inheriting a home with a mortgage — the home will be sold as soon after the family member passes — and also a monthly payment from an IRA. I am disabled and was denied disability and do not receive disability payments. I have been unable to work for seven years now. The monthly IRA payment will hopefully cover my monthly living expenses. My question: Will NJ Family Care stop my coverage once I inherit the home to be sold and the IRA?
— Unsure

A. Because the specifics of your situation matter, we won’t be able to give you a definitive answer.

We reached out to the state Division of Medical Assistance & Health Services (DMAHS) .

It said you should review the information found at HealthCare.gov, which provides guidance on countable income for Medicaid:

“While general guidance is offered on this page, each person’s circumstances are different, so an accurate answer to the question cannot be provided in the absence of additional information specific to this individual,” the agency said. “Therefore, this person should contact Medicaid/NJ FamilyCare when the anticipated income changes do occur.”

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This story was originally published in September 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.