Many Texas residents will, at some point, require long-term care. How they pay for that care, though, is a question to which several do not have an answer. The simple truth of the matter is, the cost of care is skyrocketing, and most people cannot afford it on their own. This is where Medicaid can prove helpful, but qualifying for it is not as easy as you would think. Numerous individuals end up making mistakes that will hurt their chances of receiving Medicaid approval.
When it comes to Medicaid, there are a few things you do not want to do. You do not want to apply for it too early, but at the same time, you don’t want to apply for it too late. You also do not want to suddenly give away all your assets — the government will take notice and question it. To learn more about these Medicaid mistakes and why you want to avoid them, please take a moment and visit our firm’s website.
When it comes to qualifying for this insurance, there are a couple of things you do want to do. You do want to plan ahead. You also want to take advantage of the protections offered you and your spouse — if applicable. There is a right way to protect your assets so you do not have to lose them, but which still allows you to meet the financial requirements needed to obtain Medicaid.
There are a lot of do’s and don’ts when it comes to Medicaid planning. Thankfully, this is not a process you have to go through alone. With the assistance of counsel, Texas residents can take the steps necessary to protect themselves, their families and their assets, while at the same time making it possible to receive Medicaid approval. Going about this the right way may remove the financial stress of having to pay for long-term care now or down the line.