Houston Medicaid planning lawyer Whitney L. Thompson releases a new article (https://www.wthompsonlaw.com/the-cost-of-senior-living-medicaid-and-8-trillion-dollars/) explaining the cost of senior living in Texas. The lawyer mentions that the costs are very expensive when it comes to paying monthly premiums for a long-term care insurance policy or monthly bills from a nursing home. The US Department of Health and Human Services (HHS) finds that Americans aged 65 or more have a 70 percent chance of requiring long-term care services.
“Many aging Americans believe Medicaid coverage for long-term care kicks in only after they become impoverished to meet the qualifications for the program. You do not automatically have to sell your home to qualify for Medicaid; however, this does not mean your home is completely protected,” the Houston Medicaid planning lawyer says.
The lawyer explains that Medicaid does not count the home of an applicant as an asset when determining program eligibility. As long as the resident intends to return to their home, their home will remain an asset. Other states will also require proof of their likelihood to return home. The home equity must be less than $603,300.
Attorney Whitney L. Thompson adds that while the home may not have to be sold in order to fund the applicant’s long-term care, the state will place a lien on the home during the person’s lifetime. If the person lives with a spouse, a disabled or blind child, or a sibling with equity in the house, the state cannot place a lien on the property.
In the article, the lawyer says “Today the Medicaid and CHIP Payment and Access Commission (MACPAC) recommend Congress make Medicaid estate recovery voluntary. This recommendation reduces potential recoveries and limits reimbursement prospects based on Medicaid-managed hardship care cases providing waivers on aspects other than financial hardship. Ultimately this proposal will increase federal expenditures and reduce the funds available to Medicaid.”
Lastly, the lawyer emphasizes the importance of having a skilled Medicaid planning attorney when dealing with matters involving the Medicaid planning process. Having an experienced estate attorney may be able to help an individual understand their rights and help them prepare for the future of their loved ones.
About The Law Office of Whitney Thompson, PLLC
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Attorney Whitney Thompson is an experienced family law attorney who helps clients deal with family law matters such as divorce or legal separation. Attorney Thompson also deals with guardianship, probate, and estate planning matters. As an experienced divorce lawyer, attorney Thompson and her legal team have helped families have a smoother divorce process and plan for their future more thoroughly. To schedule a consultation, call (281) 214-0173.
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The Law Office of Whitney L. Thompson, PLLC
Whitney L. Thompson
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The Law Office of Whitney L. Thompson, PLLC
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