texas medicaid: why you need to plan ahead

7616 LBJ Freeway #120, Dallas, TX 75251Phone: (972) 386-4560

TEXAS MEDICAID Why You Need to Plan Ahead


WHY YOU NEED A MEDICAID PLAN


Simply because you are particularly healthy at the moment doesn't mean you won't need

long-term healthcare at some point.


The truth is, you don't have to be sick to need Texas Medicaid

planning.


While you may not have health issues now, you simply cannot

predict how healthy they will be in 30-40 years.


An unforeseen injury or illness could result in health issues that

require long-term care.


In fact, more than two-thirds of all people over the age of 65 need

long-term care at some point in their lives. It would be a mistake to

fail to benefit from Medicaid planning.


YOUR HEALTH IS NO INDICATOR OF WHETHER YOU WILL NEED

LONG-TERM CARE IN THE FUTURE


So many people disregard the fact that illness is not the only reason you could need

long-term care in the future.


If you suffer a serious injury from a car accident for example, it is quite possible that you may need long-term care in order to fully recover

from that injury.


In some situations, loved ones are admitted to nursing homes not

because of illness per se, but because of the need for daily

assistance with activities such as dressing and grooming which have become more difficult as they age.


In other words, you cannot only rely on your relative good health now. Your circumstances could change

and you need to be prepared.


HEALTH INSURANCE IS NOT ALWAYS SUFFICIENT TO COVER THE COST OF LONG-

TERM CARE


Regrettably, far too many people miscalculate the actual potential cost of long-term care, which is usually quite

expensive.


The average annual cost of nursing home care, for a semi-private room

in a Texas nursing facility is estimated to be between $40,841 -

$43,472.


Add to that the likelihood that nearly half of the Texas citizens age 65 and older need long-term care

for approximately five years.


For many families that cost can be prohibitive. The unfortunate reality is that Medicare and private health insurance is typically not enough to

cover these costs.


THE BENEFIT OF MEDICAID PLANNING


The purpose of Medicaid benefits is to assist low-income Texas residents in paying for

medical services.


Because Medicaid is a needs-based program, recipients can have no

more than $2,000 in assets.


The goal of Medicaid planning is to keep you from exhausting all of

your resources in order to be eligible for benefits.


Also, if an applicant for Medicaid gives away property or assets right before submitting an application, those transfers of property can be seen as fraudulent and result in your benefits being delayed or

denied.


However, with careful Medicaid planning, you can avoid the

appearance of fraudulent transfers.


SO, WHAT IS MEDICAID?


One of the primary differences between Medicare and Medicaid is that Medicaid is

an income-based or needs-based healthcare assistance program.


Federal, state and local tax funds are used to aid eligible individuals

with paying their medical expenses.


Generally, Medicaid recipients are only required to pay a small co-

payment for covered medical expenses, if anything at all.


Medicaid will typically pay for some in-home services, but only if a

physician certifies that home care services are actually needed for

specified medical reasons.


HOW IS MEDICARE DIFFERENT FROM MEDICAID?


Medicare is different from Medicaid in that Medicare benefits are

provided by private companies through contracts with Medicare.


Whereas Medicaid is run by the state.


Since Medicare is a federal program, eligibility and benefits are

the same all over the country.


Although Medicaid is no uniform in every state, coverage is typically available for eligible adults with children living below a certain income level, pregnant women,

seniors and individuals with disabilities.


BECOMING FAMILIAR WITH MEDICARE


Medicare is a federal health insurance program available for individuals who are age 65 and

older, disabled, or dialysis patients.


Eligibility for Medicare is not based on need or income.


Instead, Medicare recipients are required to pay a portion of their

medical expenses through deductibles, along with small

monthly premiums for necessary for non-hospital coverage.


TYPES OF MEDICARE COVERAGE AVAILABLE


Medicare is divided into two basic plans that provide different types of

coverage.


Medicare Part A is an insurance plan for health care services

provided by hospitals, skilled nursing facilities, home health care

and hospice care.


On the other hand, Medicare Part B is similar to basic health insurance

which covers doctor visits, outpatient hospital care and other

medical services.


CONTACT US!


If you have questions regarding trusts, or any other estate planning

needs, please contact The Vermillion Law Firm, LLC for a consultation either online or by calling us toll free at (888) 567-

5745.

http://www.vermillionlawfirm.com/contact-us/


LEARN MORE ABOUT MEDICAID IN TEXAS


(972)386-4560 www.VermillionLawFirm.com

The Vermillion Law Firm, LLC