LONG TERM CARE OF LOVED ONES WITH MEDICAL NEEDS CAN BE A HUGE STRESS ON FAMILY MEMBERS. THE COSTS OF SUCH CARE ONLY ADD TO THAT BURDEN. WITH CAREFUL PLANNING WITH AN EXPERIENCED ELDER LAW ATTORNEY, YOU CAN GET THE CARE NEEDED WHILE PRESERVING A SPOUSE'S LIFESTYLE AND PROVIDING A LEGACY INHERITANCE
WE CAN HELP YOU OR A LOVED ONE QUALIFY FOR MEDICAID
There are typically three ways to pay for nursing home or long term care – pay out of pocket, long term care insurance, or qualify for Medicaid. Medicare (the health insurance for the elderly that everyone gets eventually) does not pay for extended nursing home care. But, Medicaid (which is a needs-based government program) does pay for such care. In general terms, in order to qualify for Medicaid, a person (1) must have a medical need to be in long term care, (2) must be a US citizen and Texas resident, and (3) must have less than a certain amount of assets and be below a certain income level. This last requirement is extremely technical as not all assets are counted and not all income is included. We help clients qualify for Medicaid by employing proven, effective planning strategies to meet these income and asset tests. By qualifying for Medicaid, you or your loved one can get the medical care they need without the family stressed out over having to pay for the needed care.
WE CAN HELP YOU PROTECT YOU FROM BECOMING IMPOVERISHED WHILE YOUR SPOUSE IS IN NURSING HOME CARE
People often believe that you must spend everything you make and dispose of all you own in order to qualify for the long term care you need. Both of these beliefs are false. Particularly when only one spouse needs care and the other does not, Medicaid does not require one spouse to become impoverished for the other to receive care. By analyzing the couple's income and assets, and by applying the technical rules of Medicaid and Texas Health & Human Services, we can help maintain one spouse in their present condition (or close to it) while providing the care needed for the other spouse. As you can imagine, this is a huge relief to both spouses.
WE CAN HELP YOU PROTECT YOUR ASSETS FROM MEDICAID OR THE NURSING HOME
We help clients balance their own potential medical needs with their desire to leave a inheritance legacy to their loved ones. Often people believe that this is an either-or scenario, but it does not have to be. It is possible to set aside some assets that are protected from Medicaid, future nursing home costs, and even future creditors, whether financial or lawsuit creditors. These set-aside assets can serve as an inheritance to pass down to loved ones. Often the funds still be accessed in an emergency. Best of all, by planning in advance, we can still help you remain eligible for benefits under Medicaid.
Ready to talk with us about your needs? Contact us at 979-703-7014.