Elder Options of Texas

Myths and Facts About Medicaid Eligibility

Myths and Facts About Texas Medicaid Eligibility

Don’t Spend Your Life Savings Paying for Nursing Home Costs!

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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.

 


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

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Senior Planning Services believes that the long-term care part of
Medicaid was designed to keep
families from becoming
impoverished paying
for that care.

Learn More About Us!

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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 $2,739.00 of the total monthly income and $109,560.00 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.

 


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

ALSO SEE: Veterans Benefits for Home Care, Assisted Living and Nursing Homes

This article was provided by Gary N. Beasley a Certified Senior Advisor (CSA), Licensed Insurance Counselor, and a Medicaid Planning Consultant for The Ladyman Law Office for Senior Planning Services.

Asset Protection Texas Medicaid Spend Down Medicaid Spend Down Texas Medicaid Planning Estate Preservation

Gary Beasley, Texas Senior Planning Services

Gary Beasley, CSA
The Ladyman Law Office for
Senior Planning Services of Austin

Learn More About Us!

5706 Bull Creek Road
Austin, Texas 78756
phone: (512) 441-2825
toll free: (888) 439-5900
fax: (512) 828-7243

 

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