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What Is Medicaid Planning?
Medicaid is a federal government financial aid program, run through the state government of Texas, that funds healthcare for those below a certain income/resource level, including for elderly adults. Medicaid can be used to pay for nursing home care, but aid is not available to those who own assets above the income/resource threshold.
This leads to a tricky catch-22; seniors often have too much money to qualify for Medicaid, but not enough money to afford the expenses of the nursing home without completely depleting their life savings or becoming a financial burden to their families.
Enter Medicaid planning, the process of using legal tools (such as trusts) to convert your “countable” assets to “non countable” so that they don’t disqualify you from receiving government aid. Your assets will essentially be moved out of your name in such a way that you and your family will still be able to access them, but they won’t count against you.
Why Is It Necessary?
Today’s seniors are living longer than ever before, thanks to many medical and technological advances. This increases the likelihood that you’ll need to enter a nursing home at some point in your final decades; it also increases the likelihood that you’ll end up staying there for longer. Statistics show that 2 in 3 people over the age of 65 will require long-term care before they pass away. In Texas, you can expect to pay an average of $80,000 per year for nursing home care. If you need to be in a nursing home for several years, the cost could become astronomical. For seniors who are on fixed or low incomes, it’s just not a possibility to pay that kind of money. You are faced with four options:
- Lose your life savings to pay for care (if you have that amount in savings)
- Go into debt to pay for care
- Put the burden of paying for care on your family, who may also need to go into debt to pay for your care
- Not be able to get the care you need because there is no way of affording it
You shouldn’t have to choose between your care and your family’s well-being! That’s why working with a Webster Medicaid planning attorney can be critical to saving you and your loved ones money in the future. Because Medicaid has a five-year “lookback” period, where it counts assets against you that are transferred/rearranged in the five year period before you apply, the best time to start preparing is now – before it is too late to act.
What Can A Webster Medicaid Planning Lawyer Actually Do For You?
Medicaid planning is an extremely complicated, delicate process. It involves extensive familiarity with both state and federal Medicaid laws and requirements as well as familiarity with planning tools such as trusts. Our compassionate, highly knowledgeable Webster Medicaid planning attorney can be your guide and advocate every step of the way. She can…
- Take the time to get an accurate picture of your needs, goals, and financials so that she give you legal advice tailored to your situation and personalize your planning tool to your unique circumstances
- Answer all of your questions regarding Medicaid and educate you about the process
- Advise you on the part of the Medicaid program to which you should apply (there are different parts of Medicaid)
- Help you identify ways to supplement long-term care costs (Medicaid may not cover everything)
- Identify ways that you can transfer and protect countable assets (by moving them to trusts or spousal annuities)
- Help you gather and prepare the documentation to apply for Medicaid
- Complete the Medicaid application without mistakes that could jeopardize your eligibility
- Handle your appeal if your application is rejected
- Work with you on the rest of your estate plan, including creating a power of attorney and advance directive that will ensure your wishes are honored if you become incapacitated
- And more.
Why Choose The Law Office of Michelle E. Murphy For Medicaid Planning Help?
Medicaid planning is not only complex, but also sensitive and consequential. The lawyer you choose to entrust your future to matters! Webster medicaid planning attorney Michelle E. Murphy has over two decades of experience in this area of law. She understands how personal planning for the future can be and takes an equally personal approach to working with each and every client her firm takes on. She offers free initial consultations to seniors and caretakers in Webster so that they can meet her, address their concerns, and learn more about where to begin. You can rely on her to take care of everything for you! Call and schedule your free consult today.
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Ms. Murphy made sure to use all of her resources and did everything legally possible to help me. She fought harder than other lawyers out there and found ways to make everything work in my favor. I really appreciate how she helped me and made me feel at ease under the worst circumstances. I recommend her highly.
Why Choose Us?
20+ Years Of Experience
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