When long-term care needs come into play, the question of how to pay for it often becomes a concern. There are several different options to consider around covering the cost of long-term care. The goal is to help you find the best option while protecting your assets.
Medicaid Planning
Texas has several long-term care Medicaid programs available to those who qualify. Some of these Medicaid programs provide coverage only in nursing homes. Others provide coverage for long-term care at home, assisted living facilities, adult day care, foster care homes, or memory care units.
Understanding the Texas Medicaid Program eligibility requirements, as well as Medicaid recovery, can be tricky. Medicaid has strict income and asset limits that must be met in order to qualify. For those over the income and/or asset limits, there are some planning techniques that can be used to qualify for Medicaid.
Many people make the mistake of spending down without understanding Medicaid rules. This can result in Medicaid ineligibility in addition to the unnecessary loss of assets. JC Texas Law can help you understand the Texas Medicaid programs, determine if you are eligible or can become eligible for Medicaid, and implement a plan that protects your assets while still allowing you to qualify for Medicaid.
In situations where monthly income level is over the Medicaid limit, a Qualified Income Trust (QIT), also known as a Miller Trust, may be a solution. Justin Caruthers can help you set up this type of trust and guide you through the necessary steps to ensure it is implemented correctly.
Get Help
Realizing that you or a loved one needs long-term care now, or will in the near future, can be a tough pill to swallow. Understanding the different options and figuring out how to pay for it without losing everything can be overwhelming. JC Texas Law will provide trusted and compassionate guidance through this process.