As you or your loved ones age, managing issues regarding elder law and Medicaid planning in North Carolina becomes necessary to ensure financial security, healthcare access, and long-term well-being. In Raleigh, NC, understanding these legal matters can make the difference between preserving your assets and facing distressful financial hardship.
Key Medicaid Eligibility Requirements in North Carolina
Medicaid is a program which has been key in assisting seniors who require long-term care but cannot afford the high costs of nursing homes or assisted living facilities. However, one has to meet the eligibility criteria, which can be challenging without professional aid. Without proper planning, you may risk exhausting your life savings before qualifying for assistance.
North Carolina law has established financial criteria for seniors to qualify for Medicaid. This includes the following:
- Income limits - In 2024/2025, the income limit for an individual applying for Medicaid is $1,732 monthly.
- Asset limits - A single applicant can have no more than $2,000 in countable assets, while a married couple’s assets are limited to $3,000. However, some assets, such as a primary residence, an automobile, and certain retirement accounts, may be exempt.
Applicants have to demonstrate they require a nursing home level of care, typically determined through a state medical assessment. Also, note that North Carolina enforces a five-year look-back period to prevent individuals from transferring assets below market value to qualify for Medicaid. This shows that while eligibility for Medicaid in North Carolina is attainable, there are legal hurdles to handle through strategic planning.
