If your loved one is currently in a nursing facility or are about to enter a nursing facility, you probably are concerned about the rapid depletion of their assets paying for the cost of care. Contained within Medicaid guidelines are certain defined strategies that allow many people facing this dilemma the opportunity to preserve some of their assets while at the same time qualify for Medicaid benefits.

If you know the rules, and know how to apply them, you will find that in most cases you are not required to spend all of your money but, in fact, can preserve a large part of your money. You owe it to yourself to determine what benefits are available to you and then develop a plan for how you may access these benefits in accordance with the guidelines.

What is Asset Spend-Down?

Asset spend-down is the natural process of spending the family's assets for the care of a loved one, when the cost of that care exceeds the current monthly income. The need for long term care is often sudden and unexpected.

As in the case of the Williams's:
Mr. Williams unexpectedly required custodial care at age 76. Within 24 months, Mrs. Williams had depleted their entire life savings on Mr. Williams' care, leaving Mrs. Williams with no visible means of support. Unfortunately, the Williams' were unaware of the Spousal Impoverishment Provision's provided within the guidelines.

Can I Avoid Asset Spend-Down?

In most cases, yes. In the case of married or single individuals, there are other provisions within the guidelines not commonly known or used that can protect your assets from spend-down. With knowledge of these provisions, and how to best utilize
them for your benefit, you may preserve more of your estate.

Can I Qualify For Medicaid?

Eligibility guidelines for Medicaid benefits are set by the Texas Department of Human Services. Your eligibility is determined by your income, value of assets, and other personal information. However, when you qualify can be affected by what you do today. Pre-Medicaid eligibility planning, can help you have a greater understanding of your own eligibility status. A consultation with a Senior Information Services consultant can result in you obtaining the information and guidance needed for avoiding needless asset spend down.

Can I Give Away My Estate?

Many people, in an attempt to avoid spending down their estate on long term care costs, will transfer or gift the bulk of their assets. This type of transfer will create a waiting period based on a Texas Department of Human Services table that can change annually. Extreme caution is advised for anyone considering these options.

You Have The Right to Participate

People who face a nursing home stay may participate in the Medicaid program if they are eligible and if they desire to participate. In essence, since we all help fund the Medicaid program with our tax dollars, we may enjoy the benefits of the program if we enter a nursing home or receive home care, and if we meet the eligibility requirements for benefits. If the guidelines allow you to participate, who has the right to say you cannot? If you want further information on how our firm can help you protect your savings from unnecessary nursing home expenses, call us today, toll-free today at (866) 248-6800, or drop us an email at info@seniorinformation.com.