Medicaid planning may help with future care costs

| Dec 31, 2019 | Long Term Care Planning |

Though most people hope that they will maintain their good health and senses until their dying day, that is not what happens for a significant number of individuals in Texas and across the country. Needing care in a nursing facility is common for people over the age of 65, and though necessary, it can be costly. As a result, some people look into Medicaid planning early in hopes of obtaining assistance.

Medicaid can certainly be helpful to individuals who qualify. However, meeting the qualifications is not always easy. If individuals have too much in assets, they may not be able to obtain benefits from this program. This is the reason that many people choose to plan ahead. Spending down assets could help certain parties have a better chance of qualifying for benefits.

It is important to remember, however, that Medicaid agents do a five-year lookback to determine whether any asset transfers have been made. While a transfer made during that time does not necessarily mean that disqualification is imminent, it can have an effect on allowable benefits. With the right information, individuals may be better able to find the planning option that works best for them.

It can certainly be difficult to think about needing care in the future, but it is typically best to be prepared. If Texas residents are interested in Medicaid planning, they may want to gain reliable information about how they could plan for their futures. Working with knowledgeable elder law attorneys may allow them to obtain useful insight into their planning options.