Medicaid Programs: A Solution For Long Term Planning
Not everybody worries about how their lives will be in some decades. However, some of the most organized people often have concerns about how they will live during their last years. People are now outliving their lives, and a longer life means, in many cases, a life with restrictions that require professional care at the same time the costs of long-term care are rising.
Long-Term Care in Rhode Island
In Rhode Island, there are three ways to secure your long-term care:
Paying with your funds using private pay.
Hire an insurance company and contract a long-term care policy.
Qualify for Medicaid, a joint federal-state program that covers long-term care.
Some great outcomes can be achieved by those with access to long-term care insurance; however, this is not accessible to everybody, whether because of economic limitations or other types of qualifications. Notwithstanding the above, if you are lucky enough to have already acquired long-term care insurance, first be sure that you completely understand what it covers.
What is Medicaid?
Medicaid is a public program that assists senior members of society with asset and income limitations. It is important to clarify that Medicaid is different from Medicare, which does not cover long-term care, but only rehabilitation services for a definite period.
The cost of elder care is high enough to severely affect the financial stability of many families, which is one of the main reasons why Medicaid programs can save huge amounts of money and provide protection for senior people.
In Rhode Island, a person can apply for Medicaid benefits to pay for home care, assisted living, or even nursing home care if the applicant medically qualifies for it as determined by a medical exam and financially qualifies for Medicaid according to the maximum limits permitted. Medicaid programs apply to low-income seniors, and for someone to apply for Medicaid, their income and assets must not exceed a specific threshold.
Qualifying for Medicaid
Even if you believe you lack sufficient resources to take care of your future privately, you may not be able to meet Medicaid eligibility requirements; hence, it is very helpful to have legal experts assisting you by setting up trusts and using other estate planning strategies to meet the financial thresholds and ensure Medicaid eligibility.
We Can Help
The Law Offices of Howe and Garside, LTD have years of experience in Medicaid planning and will do everything we can to help you make the right decisions for your best legal outcome. Our attorneys will assess your legal concerns and handle your case with the attention it deserves. Contact us today or use our online contact form to schedule a free consultation.
The Law Offices of Howe and Garside, LTD provides highly-experienced legal solutions in Newport, Lincoln, Middletown, Portsmouth, Warwick, Greenwich, Kingstown, Tiverton, and the surrounding Rhode Island communities.
55 Memorial Blvd. Suite 5
Newport, RI 02840