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3 Keys To Nursing Home Medicaid Eligibility
Nursing Home Medicaid has a bunch of eligibility factors you have to prove before you can win your case. Here we are going to look at three of the biggest ones which usually trip people up when they don't have a Woodlands Medicaid lawyer.
Left to Stop June's Nursing Home Bill
Within a few months we went from panic on how to proceed to breathing a huge sigh of relief. My mother is getting great care she can afford and it would not of happened without Richard Shea.
Are You Under The Income Limit?
In order for an applicant to create nursing home Medicaid eligibility with their income, they must not receive more than $2,250 in income each month. If your loved one is over this limit the HHSC will deny their application. There is a way around this income limitation however, the Miller Trust.
The Miller Trust is used only for applicants that are over the Medicaid income eligibility limit. It is not an asset protection tool, it is an income eligibility solution.
From our first contact, Mr. Shea treated me as if I were a family member and he quickly coordinated my mother's care
Are You Under The Asset Limit?
In order for an applicant to create nursing home medicaid eligibility in terms of resources, they must not have more than $2,000 in counted resources.
If your loved one is over this limit, then contact me to learn how to protect their assets before everything is spent on nursing home costs.
If you are the spouse of an applicant, the default rules allow you to generally keep half of your resources. There is a minimum of $24,720 and a maximum of $123,600. This does not mean you can keep $125,600 ($123,600 + $2,000). For example, if you have $75,000 in counted resources, under the default rules you will only be able to keep approximately $37,500. The rest will go to the nursing home.
If you work with me, odds are that you could protect a lot more than what the State of Texas will give you and in many cases a spouse is able to protect everything with the proper strategy.
It is my goal to avoid any spend down of assets and to preserve the financial security of the Medicaid Applicant’s spouse. Here are some examples of what I have helped families achieve.
I cannot say enough good things about how Rich Shea helped me with the process of getting my father to qualify for Medicaid. I've hired a couple of other lawyers before and never received the response I received from Mr. Shea
Do You Have Any Gift or Transfer Penalties?
A penalty is imposed for every transfer of assets by an applicant or his or her spouse in the last five years.
If your loved one has a penalizing transfer or event in the last five years (even those gifts the IRS does not tax each year) then they will not have nursing home medicaid eligibility until the penalty period expires. If this applies in your case, doing nothing about it until the money runs out is one of the worst things you can do.
Speak to me today about how we can minimize the damage from previous gifts and transfers.