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SENIOR SOURCE: Don't lose your life savings because you listened to bad information about medicaid

Here are just a few common myths and misunderstandings.
Credit: Ross & Shoalmire

LONGVIEW, Texas — The need for long term care can often be planned for, but in many situations it comes out of nowhere. In either case, the financial costs can be enormous. Advanced planning can often help you alleviate the financial burden of long term care. Even if prior planning has not been done, it still isn’t too late to discuss your options with a qualified attorney who handles Medicaid crisis planning on a daily basis.

As you contemplate your options in the midst of a long term care and financial crisis it is important to know the truth about a few myths. Of course, there are many myths and a plethora of bad information when it comes to Medicaid. 

But here are just a few common myths and misunderstandings.

It is too late to begin planning: False.

It is never too late to preserve and protect a person’s assets. Do not rely on advice that all of a person’s assets and money must be “spent down” before qualifying for Medicaid.

I cannot qualify for Medicaid because I have too much money: False.

Do not listen to advice that you will not qualify because you have too much money. Every situation is different, and it is important that you discuss your specific situation with a qualified and experienced elder law attorney who specializes in Medicaid planning and qualification.

Medicaid Planning requires that you hide assets: False.

Absolutely false. All of our planning strategies and actions taken are reported directly to Medicaid through the Medicaid application process. Our goal in crisis planning is to preserve as much of an individual’s income and assets, as well as their spouse’s, as we can within the bounds of the law and the rules and regulations we have to work within.

I can just give everything away or put it in someone else’s name without penalty: False.

Giving assets away or titling assets in another person’s name may actually be a bad idea. It could also have non-Medicaid related implications and dangers.

The nursing home and Medicaid pay for everything: False.

In Texas, Medicaid will allow an individual to keep $60 per month for their own personal use. Through proper planning, we can help clients ensure that they have adequate funds available to supplement their quality of life for the remainder of their life. 

When a Medicaid crisis arises, people are often unprepared. Stress levels are high because of the underlying situation causing the need for Medicaid. Significant assets are at risk. The process is new and unfamiliar for family. There is so much information, often conflicting and confusing, that it makes it all but impossible to make well-informed and understandable decisions.

At Ross and Shoalmire, myself and our attorneys are here to help you navigate this process, whether through advanced planning or last minute crisis management planning. If you find yourself overwhelmed by the quagmire of Medicaid rules and regulations, don’t stress over it. Schedule a free consultation to come visit with me so I can give you factual information and help walk you through the Medicaid qualification process in a knowledgeable and well-informed manner.

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