What is Medicaid?
The Rhode Island Medical Assistance Program, also known as “Medicaid”, is a Federal and state funded program that pays for medical and health related services for eligible Rhode Islanders. This inincludes inpatient and outpatient hospital care, preventive services, durable medical equipment, and many more services and benefits.
In order to qualify for this benefit program, you must be a resident of the state of Rhode Island, a U.S. national, citizen, permanent resident, or legall alien, in need of health care/insurance assistance, whose financial situation would be characterized as low income or very low income. You must also be either pregnant, a parent or relative caretaker of a dependent child(ren) under age 19, blind, have a disability or a family member in your household with a disability, or be 65 years of age or older.
What is Medicaid Planning?
Medicaid Planning is a form of estate planning where assets of an individual are transferred into various trusts and five (5) years after the transfer the individual would be eligible for Medicaid.
Qualifying for Medicaid is based on medical needs and assets. Applying for Medicaid is a cumbersome process, a long application that is often intimidating to many first time applicants. People often ask about qualifying for Medicaid – that process as mentioned earlier, is one that requires strict attention to the rules of eligibility and being careful with asset transfers.
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