How can I pay for long-term care if my loved one needs to enter either an assisted living or nursing home?
There are basically three ways to finance long-term care: 1) private pay, 2) use a long-term care insurance policy, or 3) utilize a government benefit. Most people aren't aware that Medicare does not cover long-term care in an assisted living or nursing home. The Texas Medicaid program does assist with the payment of both at-home care, as well assisted living or nursing home care. However, the Medicaid program has strict income and resource limitations so it is best to consult an attorney to see if you are able to qualify.
Will the state of Texas take my home if I need to qualify for Medicaid benefits?
All states are required to have Medicaid estate recovery and Texas has the Medicaid Estate Recovery Program which attempts to recover funds spent on individuals receiving Medicaid benefits. However, steps may be taken under the law to protect your home and other assets from a potential Medicaid estate recovery claim upon your death.
What documents do I need to make sure my financial and medical wishes are carried out if I become incapacitated?
To prepare for incapacity, an individual should have the following documents in order to ensure that his or her financial and medical wishes are carried out: financial power of attorney, medical power of attorney, HIPAA Authorization and Directive to Physicians (or Living Will). These documents allow you to appoint an agent to make financial and medical decisions on your behalf and can avoid the need for a costly guardianship. Other documents, such as a will or trust can be prepared to ensure that your estate is administered properly upon your death.
About the Expert
The Bentley Law Firm seeks to provide superior legal services in a compassionate and caring manner. Kelley M. Bentley is a certified elder law attorney by the National Elder Law Foundation and is board certified in estate planning and probate law by the Texas Board of Legal Specialization. She has dedicated her career to elder law and estate planning with a special emphasis on planning for the long-term care needs of the elderly and individuals with special needs.
For more information about The Bentley Law Firm, please visit bentleylaw.net.
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