DeNoble Financial Services

May 2020

Medicaid Planning

You have been taking care of your spouse for a while now. I truly admire you for that. I know it isn’t easy and no one gives you much recognition for it. As young people we never dream of a time like this could happen. Now it is getting to the point you know you can’t provide the care that is needed and the only alternative is nursing home care. Perhaps you have already had to take your spouse to the nursing home. That is the first big decision. Now comes the second. How do you pay for it. If you are like most, the cost of nursing care is a shock. Around $8000 to $9000 per month is average in the Houston area. If you have some money set aside to live on in retirement, you can see how quickly it can disappear at that rate. If that is what is troubling you, it is where we come in to help you.

There are 3 ways to pay for care in a nursing home. One is private pay. If you have a couple million dollars set aside, you can pay for care, and actually much better than the nursing home. You have options. I am guessing if you are reading this, you don’t have a couple million dollars set aside. You worked hard for what you do have and losing it is scary.

The second way is Long Term Care Insurance. These policies will pay for care in a nursing home, assisted living or at home with caregiver or nurse. If you have a policy, this is the perfect time to use it.

The third way is Medicaid. You have probably already looked into Medicare only to find out they don’t pay for long term care. You have most likely heard some pretty scary things about Medicaid. Some of it is true, and much can be avoided. We help you avoid the scary part of Medicaid approvals. In order to qualify for Medicaid, your income has to be under a certain amount, and your liquid assets ( money in the bank, stocks, bonds, CDs, money market etc.) need to be under $128,640. You can keep your home, one car, the home furnishings. But if you have over the allowed assets, you go into what is called a Medicaid Spend Down to get the assets under that amount. You spend months paying for the nursing home out of pocket. Medicaid doesn’t tell you about a way to get the money spent down immediately, qualify your spouse for Medicaid right away and not lose your money to paying the nursing home. There is a way to put that money aside, approved by Medicaid, the IRS, the Federal Government and the State of Texas. Not many people know about it because Medicaid doesn’t tell anyone about it. They want you to pay.

We help you with Medicaid Planning. We look at your income, assets, where the money is and where it comes from. Everyone is different. The goal is the same- Keep Your Money. Exactly how we work the plan is always different. There is no "cookie-cutter" approach to this planning. Sometimes it can be done in half a day, sometimes it takes a week to get it all straight so that the application is accepted and approved. A good plan will get a quick approval and your money will stay with you. Our goal is always to help you get the best situation possible in a less that good situation. 

To learn about how to keep your money, have a comfortable monthly income and know that you will be secure, give us a call to set a time to meet and discuss your particular situation and see how we can help you. It is our goal to help you keep what you have worked hard to accumulate and want to pass on. Our number is 281-638-4094.