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When you’re planning for your future, it’s important to take into account the more daunting prospects, such as the likelihood that you will someday need nursing home care. According to statistics, there’s a 70% chance a person 65 or older will eventually need the services of a nursing home. However, most people aren’t aware of the fact that Medicare and most health insurance plans don’t cover the expense.
Nursing home rates are also astronomically expensive–the average yearly cost of a nursing home in Texas is over $61,000. while the median income for a Texas senior is only roughly $52,000. With these discrepancies in mind, it’s clear a robust plan is needed to ensure your care will be guaranteed.
Medicaid planning is an ideal option for seniors who want security for their future. Medicaid is a needs-based government program that provides health insurance and covers nursing home costs. Since Medicaid has stringent requirements, it’s important to work with our experienced Barker Medicaid planning lawyer in order to make sure you can qualify. There are eligibility requirements for Medicaid that can be time sensitive, and you never know what tomorrow might hold for you, so it’s important to reach out now. Call The Law Office of Michelle E. Murphy for a free consultation!
What Is Medicaid Planning?
In order to qualify for Medicaid, you must fall below a certain income threshold. It’s not an uncommon occurrence for a person who makes too much for Medicaid to nonetheless be unable to foot the bill of a nursing home, which leaves many Americans in a strange wealth gap.
When you work with a Medicaid planning lawyer, they will help you restructure your finances so that you can be eligible for Medicaid without losing access to assets and resources. Our experienced Barker Medicaid planning lawyer will work with you to determine what strategies will be best suited to your income and personal needs. These strategies might include securing your assets in a specialized trust or transferring them to your spouse.
Why Is Medicaid Planning Necessary?
If you someday find yourself in need of nursing home care, but you haven’t planned ahead, the consequences can be disastrous. If you’re unable to afford care out of pocket, your options are threefold:
- Use your life savings, which might not cover the cost of your care, and which will prevent you from leaving behind a substantial inheritance for your loved ones.
- Have your family cover the cost, which will be burdensome given that nursing home care can often exceed the earnings of the average household.
- Remain in the care of your family and potentially forgo necessary medical expenses, which would not be ideal for you or for them.
Even if you don’t think you need the financial assistance for your future care, Medicaid planning can still benefit your family members! If you want to ensure that your legacy will not be eaten away by medical costs, Medicaid planning is an important aspect of any estate plan as it will protect the fortune you wish to pass down to your loved ones.
When Should I Begin The Medicaid Planning Process?
It’s never too early to begin planning for the future! An important aspect to keep in mind is that, when you are qualifying for Medicaid, there is a “look back” period of five years, so you cannot simply give away your wealth to a family member and immediately expect to qualify. Since so much time is taken into account, it’s essential that you begin the Medicaid planning process right away in order to secure your future care. If you are aged 65 or older, it is especially imperative that you begin by reaching out to a Barker Medicaid planning lawyer who can help you navigate the complex legal process.
It’s Important To Work With An Experienced Barker Medicaid Planning Lawyer
Attorney Michelle E. Murphy has over twenty years of experience helping clients with their personal estate planning needs, including Medicaid planning. She takes the time to get to know you, and she works with you to individualize your plan according to your personal financial situation and your care needs. She will also help you with the complex application process and navigate the paperwork so you enjoy your carefree golden years with the ones you love most. Reach out to her today to schedule a free consultation.