Long term care in a nursing home can be very expensive. If you do not plan properly, you can lose most of your assets before Medicaid will start paying for your care. Because you do not know whether or not you will need it, planning for the possibility of long term care should be a part of your overall estate plan. You have several options to plan for long term care. In Texas, you even have a unique option that is not available in most other states. In Texas, you can use a particular type of … [Read more...] about Planning for Long Term Care
Are you the parent of a special needs child or the caregiver of a family member with special needs? Are you concerned about their future should something happen to you leaving you incapacitated, or ever what might happen following your passing? These are not uncommon concerns, even for those who are not parents. Even if you are a loved one with a family member who has special needs, these concerns are ever-present. What is going to happen? What can we do to prepare? Special needs planning is a … [Read more...] about What is Special Needs Planning?
Many people get Medicaid confused with Medicare, but there are many distinctions between the two programs. Medicaid, simply put, is a medical assistance program that's designed for disabled persons and low income, older people. It can also cover younger people who are receiving welfare from the government. Medicare, on the other hand, offers identical benefits to anyone enrolled regardless of their income level. Medicaid is actually managed by the individual states, so eligibility … [Read more...] about Tips for Medicaid Estate Planning
There’s a lot of information floating around about Medicaid, particularly when it comes to paying for nursing home care. Some of the information is reliable, while some is not accurate at all. So, how do you know which information you can trust? Get the facts from a trusted expert, like an experienced and qualified elder law attorney. Below are three myths surrounding Medicaid, along with the corresponding facts: 1) You can simply transfer your assets to your spouse and qualify for … [Read more...] about Medicaid: Separating Fact from Fiction
The specter of long-term care looms large for many people. Whether or not you’re facing an immediate need for nursing home care or assisted living, it’s likely that some form of long-term care will be a reality for you or a loved one at some point during your lifetime. Like so many other topics that are related to elder law and estate planning, long-term care is tough to think about. For one thing, no one looks forward to losing their health, not to mention losing some degree of control over … [Read more...] about Worried About Long-Term Care? Don’t Become a Deer in the Headlights
If you or your spouse anticipate the need for nursing home care in the future, and particularly if you’re concerned about how you’ll finance that care, you’ll likely want to meet with an elder law attorney sooner rather than later. Given the strict rules that govern Medicaid qualification, the absolute best case scenario is to start planning to qualify for the program at least five years before you actually need apply for benefits. Medicaid imposes a five year “look back” period, which means … [Read more...] about Qualifying for Medicaid: Timing is Everything
The Medicaid program is one resource available to help cover the high costs of nursing home care. It is a federally-established program designed to help people of limited means gain access to the health care they need. Although the program is established by the federal government, it is administered by the states, and each state has slightly different rules for qualifying for Medicaid. “Countable” vs. “Non-Countable” In order to qualify for Medicaid, an applicant must meet certain income and … [Read more...] about Is All Property “Countable” for Medicaid Purposes?
Part of making a comprehensive, effective estate plan is figuring out how best to pay for long-term care, should the need arise, while preserving your savings and other assets for your loved ones. Medicaid is a common option for covering the expense of long-term care, but for many people, qualifying for Medicaid takes some careful planning. So, what exactly is Medicaid? Medicaid is a need-based government health insurance program. It’s federally-established, but it’s administered on the … [Read more...] about What is Medicaid?