For Yourself and Your Loved Ones
If you or someone you love is at risk of spending down their life savings to pay for the ever-growing cost of long-term care, then we invite you to call today for your free initial consultation.
We look forward to exploring the opportunities our long-term care and asset protection planning can provide. The risk of needing long-term care and its related expenses is too great to ignore. According to Health and Human Services statistics, about 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime and 40 percent will need care in a nursing home for some period of time.
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Medicaid Planning and the Caregiver Crisis
Frequently, caregivers call us after being referred by a hospital or nursing home. They explain that their loved one has recently sustained an injury and/or suffers from a medical condition such as heart disease or dementia. Whether they are still living at home, in assisted living, or recovering in a skilled nursing and rehabilitation center, the concern is the same - they need a higher level of care and a way to pay for it. Compounding the caregiver's crisis is the emotional and physical strain produced by family tension and a prolonged state of alert. There is a better way.
FAQs: Nursing Home Medicaid
What do Medicaid nursing home benefits cover?
In most cases, Medicaid covers 100% of the cost of long-term care. This includes the cost of medical care, meals, medical supplies, and room & board for Nursing Home Medicaid recipients.
What is a Medicaid transfer penalty and how is the penalty calculated?
There are some exceptions, but when there are assets gifted from the applicant to another individual (uncompensated transfer), Medicaid imposes a transfer penalty. Medicaid will withhold payment for nursing facility care during the penalty period. The penalty period is determined by dividing the amount of the uncompensated transfer by the average monthly cost of nursing facility care ($213.71 in 2021.)
What resources are excluded for purposes of determining Medicaid eligibility?
In most cases, one home (up to $603,000), one vehicle (regardless of value), some IRAs and annuities, education funds, some burial contracts. There are quite a few other resources that are excluded, but these are the most common.
Contact Our Elder Care Attorneys
Our elder law attorneys and licensed social workers offer peace-of-mind throughout the Medicaid eligibility process. With The Michels Firm you know that knowledgeable experts are providing the assistance your family needs, including:
- Creating a Medicaid Eligibility Plan
- Preparing a Qualified Income Trusts ("QIT" or "Miller Trust")
- Choosing a nursing home;
- Coordinating Medicare and Medicare Supplement benefits;
- Filing a Medicaid application for assistance;
- Representing your loved one before the Texas Health and Human Services Commission ("HHSC")
- Preparing a Medicaid Contingency Plan to insure continued Medicaid eligibility;
- Creating a Medicaid Asset Protection Plan to protect the home and other assets against the Texas Medicaid Estate Recovery Program ("MERP")