Medicaid Planning Attorney
Texas estate planning attorney Gerald Winters represents clients in Round Rock and the Greater Austin area in Medicaid planning and eligibility matters. With the ongoing advances in technology and medical care, people are living longer. Unfortunately, this increases the chance that you or your loved one might need long-term care in the future. Proper Medicaid planning and asset protection can help you pay for this often expensive care while still being able to utilize your assets. Gerald Winters assists clients in accomplishing this goal on a regular basis.
What is Medicaid?
Medicaid is government provided health insurance. The Federal government works with each state to provide health care to low income individuals and those with certain disabilities. Medicaid is a means-based program meaning that an individual must be in a certain financial situation in order to qualify. Medicaid covers the cost of long-term care administered by a skilled medical facility, such as a nursing home, as well as at home or in the community.
What is Medicaid Planning?
Medicaid planning is the act of making someone eligible for these public benefits by transferring assets out of his or her name or spending down the assets to the necessary level. While this sounds frightening to many of us who have worked our whole lives to save, long-term care is extremely expensive and could potentially cause a person to lose his or her entire life savings and then some. You may want to use these assets for certain expenditures or leave them to your loved ones upon your passing. Medicaid planning allows you to do just that.
When is Medicaid Planning Done?
Medicaid planning is usually done in two situations. As Medicaid has a five-year look-back period, meaning that the administering agency will investigate five years of financial records in order to determine your eligibility and that any suspect transfers will cause a penalty period, many people opt to make the necessary transfers and spend downs as they age. If a couple or individual is concerned that they may need long-term care, an attorney can assist them in making the necessary arrangements to become eligible after the five year period. If the person ends up needing long-term care before the five year period, although there may be a penalty period assessed, all of the work has already been done.
Often times, people do not consider that they might need long-term care in the future, and neglect to do any type of advanced Medicaid planning. When they become ill and in need of long-term care immediately, the person and/or his or her family can work with an attorney to get them Medicaid eligible as soon as possible. Attorney Gerald Winters is knowledgeable in the areas of Medicaid planning and eligibility and can assist clients in either a proactive or acute situation.