North Carolina Medicaid and Your Bank Account
Medicaid, an essential safety net for many of our neighbors in Raleigh and Wake Forest, North Carolina, helps cover the cost of long-term care for those with limited financial resources. As such, it’s important to understand how the North Carolina Medicaid program assesses your financial resources.
In North Carolina, Medicaid performs an extensive check of your financial records when you apply for assistance with long term care skilled nursing care. Medicaid has a look back period of 5 years, meaning that they will request and review 5 years of financial records as a part of your application. Medicaid will also review your financial records every year as part of the recertification process. Medicaid does so to verify that your income and assets are within the program’s limits. If your resources exceed the allowable limit, you may risk not qualifying for Medicaid or losing your eligibility for Medicaid benefits once qualified.
While Medicaid’s rules and regulations can be complex, we’re here to simplify them for you. Our goal is to help you understand the nuances of Medicaid, financial records, and how they intertwine with estate planning. By doing so, we aim to ensure that you can meet Medicaid’s financial eligibility criteria while preserving your hard-earned assets.
How a Lawyer Can Help with NC Medicaid Regulations
Engaging with a lawyer well-versed in North Carolina’s Medicaid rules can be immensely beneficial. While the initial and periodic checks on your bank accounts by Medicaid are routine, they have substantial implications. If your account balances exceeds the program’s financial thresholds, your Medicaid benefits could be at risk.
Our role at Brady Cobin Law Group, PLLC, is to help you understand the rules, craft a comprehensive plan, and address any potential issues proactively. We work with you to protect your assets and meet Medicaid’s requirements through strategies like proper estate planning and creating trusts, enabling you to maintain your eligibility and secure your financial future.
Understanding Complex Medicaid and Estate Planning Laws
Medicaid and estate planning laws are complex and often challenging to navigate without professional help. Trying to understand these rules and regulations while dealing with the stress of needing long term care can be overwhelming.
We’re here to lighten that burden. Our lawyers can guide you through the maze of laws, ensuring you’re fully informed and prepared to make decisions that are in your best interests. With our guidance, you can successfully navigate the system, protect your assets, and secure the best possible outcome for your future.
Contact Brady Cobin Law Group, PLLC Today
It’s crucial to have professional support when dealing with Medicaid’s financial checks and the complicated world of estate planning. At Brady Cobin Law Group, PLLC, we are committed to helping our clients in Raleigh and Wake Forest, North Carolina, understand and manage these complexities.
If you need assistance in understanding NC Medicaid’s financial checks on your bank accounts or in crafting an estate plan that protects your assets, we’re here to help. Call us at (919) 782-3500 or contact us online today to speak with a compassionate Raleigh elder law attorney.