Understanding Medicaid Eligibility
Medicaid exists to provide support to people who are financially disadvantaged. However, proving you are disadvantaged can be a challenge. Many people think that they need to give away their assets, or they think it is too early or too late to plan effectively. In reality, when you work with an experienced attorney who understands the Texas Medicaid qualifications, it is never too early or too late to begin planning. You do not need to drain your resources to receive the financial support you need.
Livens & Reed, PLLC understands the challenges that come with placing a loved one in a nursing home. Most people work hard and save for their retirement for years, only to deplete their savings paying for their long-term care or that of a loved one. We have more than 25 years of experience helping individuals in the Dallas-Fort Worth Metroplex and throughout Texas effectively plan for Medicaid benefits.
2020 Income And Resource Limits
When you contact our firm, we can help you understand how much of your property can be protected when you or your loved one applies for Medicaid benefits. In 2020, the protected monthly income of the spouse of a person applying for Medicaid is 100 percent, or up to $3,216.50 of the couple’s combined income.
Because there are resource limits for individuals who qualify for Medicaid, some people think it is a good idea to give their assets to another person. However, penalties are assessed for gifts or sales that are less than market value. For that reason, it is important to talk with an experienced elder law attorney before making any transfers of money or assets.
Contact An Experienced Lawyer Regarding Your Medicaid Questions
It is never too early or too late to take important steps toward protecting your assets. Contact us online, or call 800-569-2663 to learn how you can protect your assets and your loved ones. During your free initial consultation, you can discuss your situation with professionals who can help determine the most effective next steps in your situation.