Older adults who live long lives often find themselves in need of daily support. They may need help managing their medical issues or support in day-to-day life. The challenges caused by age and cognitive decline can leave someone in need of very expensive support later in life.
Even those who have saved for retirement for years may not have enough set aside to fully cover the costs of nursing home care or skilled nursing support in their homes. Older adults may need to apply for Medicaid to cover those care costs, and they likely need to plan well ahead of time to qualify for Medicaid benefits when they need them.
Texas has strict rules for Medicaid benefits
Texas limits Medicaid benefits to individuals who do not have much personal property and limited household income. The one asset that won’t impact someone’s eligibility for Medicaid is their primary residence, but most other property could affect their ability to get benefits when they need them.
The state will look at not just their current situation but also at the last 60 months of their financial records. Those who make big gifts or transfers in the five years before they apply for Medicaid could end up subject to a penalty that delays their eligibility for benefits. Proper planning well before one needs benefits will make it easier for someone to get coverage when they need it and less likely for their loved ones to face estate recovery efforts after they die.
Engaging in proper Medicaid planning before one requires benefits can give someone peace of mind as they age.
