Medicaid Planning
Medicaid is the largest payer of Long-Term Care services in Texas. However, in order to obtain benefits the applicant must meet several stringent eligibility requirements. As of 2012, in order to be eligible for Medicaid Long-Term Care benefits, the applicant must have no more than $2,094.00 per month in income, if single, $4,188.00 if married, and no more than $2,000.00 in countable resources. Therefore, an individual with $50,000.00 in liquid assets would be forced to "spend-down" $48,000.00 before he or she would qualify for benefits.
With proper planning, however, we may be able to convert those countable resources into excluded assets and preserve them for future generations while still being able to qualify for benefits sooner. This may mean the use of Trusts, gifting and other advanced estate planning strategies in order to save as much of your hard-earned assets as possible.
The Council Law Firm, PLLC is devoted to addressing elder law issues for seniors and their children. Mr. Council is an elder law attorney dedicated to helping provide seniors with the knowledge and tools needed to ensure they receive the care they need. If you have concerns over how your loved one will pay for their long-term care, call our office and see if we may be able to help.
With proper planning, however, we may be able to convert those countable resources into excluded assets and preserve them for future generations while still being able to qualify for benefits sooner. This may mean the use of Trusts, gifting and other advanced estate planning strategies in order to save as much of your hard-earned assets as possible.
The Council Law Firm, PLLC is devoted to addressing elder law issues for seniors and their children. Mr. Council is an elder law attorney dedicated to helping provide seniors with the knowledge and tools needed to ensure they receive the care they need. If you have concerns over how your loved one will pay for their long-term care, call our office and see if we may be able to help.
Why Use Medicaid?
Because of the high cost of nursing facility services, for many, Medicaid will likely be their only option of paying for the care they need. Still others who attempt to self-pay later find they have exhausted their resources and eventually end up needing to utilize Medicaid benefits. According to the AARP, 90% of nursing home residents exhaust their resources and reach the poverty level after only 26 weeks of care. Therefore, for many the cost of waiting to apply for benefits is their entire life savings. This can be detrimental, especially when there is a spouse living at home. Where there is a spouse at home, Medicaid will allow him or her to keep a large portion, if not all, of their combined countable resources. Therefore, it may be more beneficial for the couple to go ahead and utilize state benefits rather than private pay as long as possible, in order to preserve more funds for the spouse living at home. Mr. Council is an Elder Law Attorney who can analyze your resources and help you decide whether Medicaid is going to be the best option for funding needed Long-Term Care.
Medicare is Not Enough.
Medicare alone will not provide for the care you or a loved one may need for nursing home care. The Medicare program will compensate for a total of 100 days of skilled nursing survices. This includes the period of stay in a hospital. Once the 100 day time period has expired, the individual is left to provide for his or her care out of pocket. Since the average stay in a nursing home, according to the National Nursing Home Survey is 892 days or 2.44 years, there is a good chance you or a loved one will need nursing home services for a longer period than your Medicare coverage will pay. Proper planning for Medicaid is vital to ensure care will be received when and if the time comes. The Council Law Firm, PLLC has the ability to help you qualify and guide you through the application process to ensure there will be no loss of care.
Please Select From Our Medicaid Planning Forms:
Please use these forms when planning for a single person.
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Please use these forms when planning for a married couple.
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