You have likely heard of the Medicaid program but you might not be as familiar with its eligibility guidelines. After all, if you have never needed to qualify for Medicaid benefits, why would you? Many people go their entire working years without ever worrying about their ability to qualify for Medicaid benefits. However, be warned. Applying for medicaid as a senior is all too common if you need long-term care. Unfortunately, people often fail to plan ahead for the possibility that they will … [Read more...] about Applying for Medicaid as a Senior
Thanks to employer sponsored/other private health insurance, many go their entire without ever needing to apply for Medicaid benefits. You might be among those who have experience this good fortune. However, that could all change during your retirement years. This is because the likelihood of needing long-term care increases dramatically as you age. The high cost of that care may, in turn, leave you with no other choice than to turn to Medicaid for help. The problem, however, is that … [Read more...] about The Problem with Qualifying for Medicaid as a Senior
Even if you have gone your entire life without the need for Medicaid, there is a strong chance that you will need government assistance at some time during your “Golden Years.” This reality is largely due to the high cost of long-term care. Something most of us will need in our later years. Medicaid eligibility depends, in part, on income and assets. Consequently, you may have heard your share of horror stories. Couples have been known to deplete their entire life savings in order for one … [Read more...] about How Can I Protect My Spouse When I Apply for Medicaid?
The longer you live, the greater the odds are that you, or a spouse, will need long-term care. The cost of that care, on average, will run over $75,000 a year as of 2015, and is expected to continue to increase in costs in the years to come. Unless you have a long-term care insurance policy, you will either have to pay for this care out of pocket or turn to Medicaid to help cover the costs. You may have heard nightmare stories about people losing their assets when they were forced to apply for … [Read more...] about Is Your Home at Risk If You Apply for Medicaid?
Commonly referred to as the "graying of America", the American population is aging at an astounding rate. In fact, estimates tell us that by the year 2050 the number of older Americans (aged 65 and older) will outnumber younger Americans (under 21) for the first time in history. Not surprisingly, this has put issues faced by the elderly to be at the forefront of both the political arena and the social conscience in the United States in recent years. Specifically, healthcare for the elderly has … [Read more...] about Does Medicaid Pay for In-Home Care?
People often think of the Medicaid program is a program only for low income children or families. While the Medicaid program does indeed provide assistance to low income children and their families, it can also provide critical healthcare coverage to older Americans. Unfortunately, many seniors are unaware that they may need Medicaid coverage at some point in the future and therefore fail to plan accordingly. This frequently leads to the question "When is it too late for Medicaid planning?" The … [Read more...] about When Is It Too Late for Medicaid Planning in Houston Texas?
Long-Term Care and Medicaid Planning in Texas from Steve P. Mendel The purpose behind a Medicaid estate plan is to protect your assets and your life savings while still putting you in a position to be eligible for Medicaid benefits should you need those benefits in the future. Learn more about long-term care and medicaid planning in Texas in this presentation. … [Read more...] about Long-Term Care and Medicaid Planning in Texas
As we age, most of us need additional medical care and treatment. The cost of that care can become prohibitive. Fortunately, both the Medicare and Medicaid program may be available to help defray the costs of healthcare during your senior years. In order to benefit from what the two programs have to offer you first need to understand the difference between the two. The Medicare program is funded and administered by the federal government. Medicare is paid for out of payroll taxes and Social … [Read more...] about Understanding the Basics of the Medicaid and Medicare Programs
If gifting is part of your estate plan, then you need to make sure that you have also considered how those gifts might influence your ability to qualify for Medicaid. It will depend on your medical situation when you gave the gift, who you gave the gift to and when you made the gift. The general rule is that transfers made 5 years before you need Medicaid do not disqualify you. However, transfers made after that do. An exception often exists for charitable gifts. Other gifts often need to be … [Read more...] about Gifting and Medicaid
Medicaid is a federally funded health insurance program for low-income and elderly individuals. Unlike the Medicare program, the Medicaid program is income-based and reserved for certain groups of individuals with limited means and resources. Medicare is age-based and does not depend on an individual’s income. Medicare is available to U.S. citizens and other legal residents who are at least 65. In Texas, residents with limited means may qualify for Medicaid insurance if disabled, blind or at … [Read more...] about The Medicaid Program in Texas