People who are planning their estates may often want to apply for Medicaid in order to cover the expense of long-term care. However, the application process and requirements for Medicaid assistance is a complex and ever-changing process. Here are some of the most frequently asked questions about Medicaid planning.
Why is Medicaid Planning Needed?
Even for those who have long-term care insurance, it is often the case that this insurance does not completely cover all the expenses related to this care. Nearly everyone will, at some time, require some form of long-term care, so it makes sense to understand how to apply for Medicaid assistance, which is the main form of assistance for long-term care. An experienced Texas Medicaid planning attorney can help you apply successfully so that you can get the help you need.
What Are the Income Requirements?
The maximum amount of assets that a person can have and still qualify for Medicaid assistance varies from state to state. In the state of Texas, a single person can have a monthly income of around $2300 and have savings, or assets, worth $2000 or below and will then be eligible for Medicaid for nursing home care. For a married person, up to $3000 in assets are allowed.
What Assets are Exempt From Being Counted?
Some assets, like personal property, are not counted as financial assets when applying for Medicaid. A person’s primary home as well as funeral insurance benefits are also both assets that will not be counted toward this income.
Call to Schedule a Free Consultation With a Texas Medicaid Planning Attorney Today
If you want to learn more about Medicaid planning, call to schedule a free consultation with a Texas Medicaid planning attorney today. The experienced legal staff at the Voeller Law Firm will help you with the application process and answer any questions you may have. Visit our web page at voellerlaw.com or give us a call at 210-985-2741 and set up your consultation with one of our attorneys. We serve the city of San Antonio and we look forward to helping you with your Medicaid and estate planning needs.