With the average cost of a private room in a nursing home in Dallas topping $92,000 per year, many families rely on Nursing Home Medicaid benefits to cover the cost of care. Even those who have accumulated significant savings, or who have purchased Long-term care insurance, may eventually need to rely on Nursing Home Medicaid. The State of Texas has several Medicaid programs, each with different qualification criteria. Texas Nursing Home Medicaid is available to individuals who have a medical need for care, and have assets and income below the limits established.
The State of Texas has set a $2,000 asset limit, and a $2,313 monthly income limit for an individual to qualify for Nursing Home Medicaid. Any financial gifts or transfers completed in the 5 years preceding the Medicaid application may cause a penalty equal to 1 day of ineligibility for every $172.65 transferred. Medicaid has implemented special rules for married couples to protect assets and income for the spouse who remains in the community.
There are several legal planning techniques to address Medicaid qualification for individuals whose assets or income are higher than the established limits. There are also strategies that can help a healthy spouse preserve and protect jointly held assets.
Medicaid planning and qualification is complex, and the penalties for mistakes are costly. As a Certified Elder Law Attorney, John has the expertise and experience needed to help clients qualify for and receive Nursing Home Medicaid. Contact us today to schedule an initial consultation.
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