Qualify for Medicaid in Rhode Island
Most Seniors will require some form of long-term care over the course of their lives. But a room in a Rhode Island nursing home averages $10,000 a month. To avoid placing a financial burden on their families, many must turn to Medicaid to pay for nursing home care, assisted living, adult foster care, or in-home care.
To qualify for Medicaid, you must have limited income and assets. In Rhode Island, the income cutoff depends on how many people you have in your household. Nappa Law can help you understand Rhode Island’s unique Medicaid requirements, determine your eligibility, and guide you through the application process.
Planning for the 5-year lookback
When you apply for Medicaid, the government wants to make sure that you aren’t liquidating assets to meet the cutoff. As a result, they’ll review all your financial statements from the last 60 months in a process called the “5-year lookback.”
If you give away significant money or property to your loved ones within the lookback period, you can be vulnerable to penalties and jeopardize your Medicaid eligibility. If you anticipate needing Medicaid assistance in the future, it’s imperative to plan ahead early.
Nappa Law can help you prepare for Medicaid’s 5-year lookback period and advise acceptable ways to “spend down” or preserve your hard-earned assets, such as arranging an irrevocable trust before the lookback period begins.
Protect Your Home
Primary residences are generally exempt from Medicaid assets, provided the equity doesn’t exceed a certain amount. But after your passing, your home may be vulnerable to Medicaid’s Estate Recovery Program (MERP.)
The laws surrounding MERP are complex and confusing. As a Rhode Island estate law specialist, Nappa Law can help advise you on the best way to protect your beloved home from Medicaid Estate Recovery. That may mean setting up a trust before the lookback, or transferring your home to a child or a sibling, via the “child caregiver” or “sibling” exceptions.