These Assets Also Count Against You
When it comes to Texas nursing home Medicaid eligibility it is critical that you have 1000% accurate information. Yes I said 1000% there because that is how important this is for you to help your parent or spouse. Many of the Medicaid eligibility rules are very strict in how the HHSC applies them and leave no room for mistakes. It may be hard to imagine, but being over the eligibility asset limit by any amount (even $100 or less) can result in losing eligibility and benefits worth thousands of dollars! That doesn’t sound like a good trade to me. You are either 100% eligible or you are 100% not eligible, there is no middle ground. So, here is a list of assets that people sometimes forget about when it comes to Medicaid asset eligibility:
- The Patient Trust Fund account at the nursing home;
- Cash the nursing home resident has;
- Certificates of Deposit;
- Mineral rights and leases;
- Vacant land;
- Land in another state;
- Jointly owned accounts;
- Jointly owned vehicles;
- In some cases the value of burial plots;
- In some cases the cash value of life insurance;
- In some cases the value of funeral arrangements;
- In some cases the value of an annuity;
- In some cases IRAs and other retirement accounts;
- In some cases assets owned by a trust.
This is not a list of every asset that counts for Texas nursing home Medicaid eligibility because that would be a very long list. This is just a quick list of items to be aware of when you are starting the Medicaid eligibility process so you do not overlook something critical and jeopardize thousands of dollars in Medicaid benefits because of an innocent mistake. If you are not sure you know how all of their assets and transactions will be treated by the HHSC then that may be the first sign that you could use some extra help.
You can choose to put the power of experience on your side against the HHSC to help win your parent or spouse’s Texas nursing home Medicaid case. Once you get started we can begin walking you through the process and expediting your case for favorable results. The HHSC has a whole team behind them, who is standing behind you?