When planning for the future, it is common to have concerns about whether you have saved enough money. Nursing home costs can be extremely difficult for many people to handle, especially during a long-term residence. Given the heavy financial burden, it is common for many Rhode Island residents to take steps that ensure their eligibility for Medicaid assistance.
Medicaid benefits can help you pay for long-term residence in a nursing home or assisted living facility. However, the eligibility requirements are very strict. At Moore, Virgadamo & Lynch, Ltd., we can help you manage your finances to ensure that you meet these requirements when the time comes to apply for benefits.
Qualifying For Medicaid
To qualify for Medicaid, a complete review of the assets of the proposed Medicaid recipient must be conducted. The government will take your financial history into account when you apply; any assets you sold or gave away during the five-year Medicaid look-back period will be counted against you, forcing you to wait longer before you qualify.
You can achieve eligibility by planning early and carefully managing your finances. Our attorneys can provide valuable advice on gifting and other financial strategies that you can use to reduce your assets, enabling you to meet the requirements as quickly as possible. We will also help you avoid financial missteps that could delay your acceptance into the program.
Contact Our Newport County Law Firm
Our Newport elder law lawyers take a very personal approach to Medicare planning. When you contact our law firm, one of our attorneys will meet with you in person to answer any questions you may have about the Medicaid planning process. Then, we will carefully examine your past and present finances to provide legal advice that is hand-tailored to your unique situation.
To schedule a free initial consultation with one of our attorneys, please fill out our online form or call 401-846-0120. We offer evening and weekend appointments upon request.