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Today,
one of the most stressful problems facing senior citizens entering nursing homes
is the loss of their life savings, due to the cost of care while in the nursing
home.
Contained
within Medicaid guidelines are certain defined strategies that could possibly
allow people facing this dilemma the opportunity to preserve some of their
assets while at the same time qualifying for Medicaid
benefits.
If you know
the laws and know how to apply them, you will find that in most cases you are
not required to spend all of your money; but in fact, can preserve a large part
of your money.
There is a
large information gap for families on how to access long term nursing care
benefits under the Medicaid program and avoid unnecessary spend-down of
resources.
At one end
of the information spectrum there are the social workers, discharge planners and
admission directors whose main focus is solutions to medical and nursing care
treatment.
At the other
end, there is the Department of Aging
and Disability Services with a
dedicated group of Medicaid workers whose job is to process applications and to
approve or reject applicants for benefits. |
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As a
result of this information gap, people are not able to get all
of the information they need to make an informed decision
about
SPS
believes that the
long-term care part of
Medicaid was
designed to
keep
families from
becoming
impoverished paying
for that
care
issues
concerning long term care planning and the preservation of their estate as the
guidelines might afford them.
There are
many myths about Medicaid, such as: Medicaid is a welfare or poverty
program.
Nothing could be further from the truth. In fact, "when a stay-at-home spouse
can keep up to $2,610.00 of the total monthly income and
$104,400.00 of the total family assets (in addition to the
homestead, automobile and personal belongings), it's difficult to see it as a
poverty program.Other
common myths regarding Medicaid are:
MYTH: “I’ve
been told I have too much monthly income to qualify.”
FACT: There is now no limit on monthly income. Through the use of an
irrevocable trust called a Miller Trust, individuals can now qualify
even if previously turned down for too much income.
While the
Miller Trust contains very specific wording and interpretation of Medicaid
provisions, it can be a perfect vehicle to assist those
individuals. |
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MYTH: “I must
spend-down all of my assets before I can qualify.”
FACT: Little
known or used Medicaid provisions make it possible in many cases to preserve a
significant amount of an estate’s assets.
The long
term care part of Medicaid was designed to keep families from becoming
impoverished paying for long term care.
However,
access to those benefits requires specialized knowledge of ever-changing rules
and regulations.
Families
should not have to pay one dollar more for long term care than what the law
requires.
For a
free
brochure on “How Long Will Your Money
Last”, call Senior Planning Services in Austin
Toll Free at (888) 439-5900.
The Ladyman Law Office for Senior
Planning Services (SPS) is not affiliated with any state agency that determines
Medicaid benefits.
This information is provided as a
public service message. It is neither an advertisement nor a solicitation for
the procurement of Medicaid benefits for anyone to the Texas Health and Human
Services
Commission |
Medicaid Spend Down
