Federal and local governments provide a variety of resources for residents to ensure their basic needs are met. One of these resources is Medicaid, a program aimed at ensuring that certain low-income and needy populations are covered by health insurance. In order to qualify, however, individuals must meet certain Medicaid eligibility requirements
Read on to better understand what and who is covered by Medicaid in North Carolina and how a Medicaid planning lawyer can help you secure the coverage you deserve.
Medicaid is federal and state-funding health insurance for low-income individuals of all ages that fall into certain eligibility groups. Medicaid is available to low-income, North Carolina residents that fall into one of the following groups:
Your ability to receive Medicaid will depend on the total income of your household. The threshold that constitutes low-income depends on the Medicaid program needed based on age and health. Examples of income limits include:
The above are examples of the different eligibility requirements and limits for receiving Medicaid in North Carolina. A skilled Medicaid planning attorney can assess your situation and advise on your options.
Medicaid is an important resource for any eligible individual, but it becomes increasingly important for the aging population who must consider long-term care. Long-term care is necessary but very expensive, with the average monthly cost of a private room in a nursing home in North Carolina at $8,060.
North Carolina Medicaid will only cover the costs of a nursing home if it is medically necessary — meaning that the individual needs the type of care that can only be provided at a nursing home. If your needs meet this requirement, you can only secure Medicaid if:
The above calculations are further complicated if you have a spouse who will continue to live independently. Because nursing home care is so expensive and Medicaid coverage is complicated, it is important to plan ahead for Medicaid coverage.
The sooner you begin to plan for Medicaid coverage, the more able you will be to protect your assets. You should not wait until you need to access Medicaid benefits. At the latest, it is advised to start planning for Medicaid five years before you anticipate requiring coverage because Medicaid financial review can go back up to five years. It is difficult to predict the age you will require nursing home care, but you should assume it could be necessary within ten years of retirement.
An experienced Medicaid planning attorney can help you manage your assets in a way that maximizes your ability to secure Medicaid coverage when you need it. A lawyer can advise on the type of assets that will be counted when assessing your eligibility. A few examples of these complexities include:
The above are just examples of the type of strategic planning a Medicaid attorney in North Carolina can provide.
Contact us today to discuss your options when it comes to Medicaid eligibility in North Carolina.
The Medicaid income limits will depend on the particulars of an individual’s situation. In general, in North Carolina, an individual must make below $1,064 per month in order to qualify.
In order to meet the Medicaid eligibility requirements for assets, you must have less than $2,000 in assets (including your savings account).
Yes. In most situations, a primary home would not be included in the calculation of a person’s assets for the purposes of qualifying for Medicaid.