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How Often Should You Review and Update Your Estate Plan Considering Medicaid Changes in Texas?

Medicaid

Do You Have a Long-Term Healthcare Plan?

Since April 2023, more than 900,000 people in the State of Texas have lost Medicaid coverage. Could your own eligibility for Medicaid be at risk? To ensure that Medicaid is there when you need it, you should have the advice and services of a Waco Medicaid planning attorney.

If you’ve prepared to ensure that you qualify for Medicaid benefits, you should probably review and/or update that plan on a regular basis – once a year, for example – to ensure that the plan is up-to-date and compliant with current Medicaid regulations.

Texas requires you to renew your Medicaid coverage every year in order to continue receiving your Medicaid services and benefits. That’s also a good time to review your plan with the advice and guidance of your Waco Medicaid planning lawyer.

How Did So Many Lose Their Medicaid Coverage?

Medicaid operates under federal guidelines, but the program is managed by state governments. In March 2020, due to the pandemic, the federal government prohibited states from dropping anyone’s Medicaid coverage. The federal government lifted those protections in April 2023, and since then, states are seeking to determine who still qualifies for Medicaid and who does not.

When the State of Texas cannot confirm whether someone is still eligible for Medicaid or if someone’s income now exceeds the Medicaid limits, the state drops that person’s coverage. Since April 2023, about 900,000 people have been dropped from the state’s Medicaid rolls.

Many families in Texas have lost Medicaid coverage for reasons that include missed deadlines, lost paperwork, and a system that processes applications far too slowly. However, most people who lost Medicaid coverage for these reasons did not actually lose their Medicaid eligibility.

How Important is Medicaid Planning?

On average, the cost for a private room at a Texas nursing home exceeds $7,000 a month. The average cost of a semi-private room exceeds $5,000 a month. How can anyone of average means in Texas afford this kind of care and still protect their assets for their loved ones?

For many people in Texas, Medicaid planning is the answer, but it’s best to begin your Medicaid planning now. When you apply for benefits, Medicaid imposes a five-year “lookback” period.

This means that even the assets you’ve tried to protect and the assets you have given away during the previous five years are counted as yours when the state determines your Medicaid eligibility.

How Will a Medicaid Planning Attorney Help You?

A Waco Medicaid planning attorney can provide you with specific, personalized Medicaid planning advice and help you plan and protect your future. But if you need nursing home or long-term care now, you may still be eligible for Medicaid benefits.

Your attorney can help you protect your assets, create a trust, or find other ways to maintain your Medicaid eligibility. Medicaid’s requirements and rules can be convoluted and complex, but your attorney will help you obtain the Medicaid benefits that you are entitled to.

How Does Medicaid Planning Work?

You may think that you don’t qualify for Medicaid because your income exceeds the Medicaid income limit. However, an experienced Medicaid planning attorney can usually apply one of several planning strategies to maintain your eligibility for Medicaid benefits.

What’s Right for You?

There’s no single long-term healthcare or Medicaid planning strategy that is best for everyone. After a review and discussion of your options, needs, and finances, your Waco Medicaid planning lawyer will set up a personalized plan that guards your assets and satisfies your needs.

Your Medicaid planning lawyer will also help you review your plan and keep it up-to-date. Occasionally, you may need to revise your long-term healthcare planning because of changes to the Medicaid regulations or because of changes in your own financial or personal circumstances.

For many in Texas, long-term healthcare planning is just one part of a comprehensive estate plan that can protect your assets and provide your loved ones with financial security.

Rainey & Rainey Will Help You Plan for Tomorrow

When you become our client at Rainey & Rainey, we will help you maximize the Medicaid benefits you are entitled to. We review your situation, determine what benefits you are eligible to receive, and develop a plan to help you qualify for Medicaid while protecting your assets.

The particular details of your healthcare plan will hinge on your finances and family situation, but whatever your situation is, the time to begin Medicaid planning is now.

Rainey & Rainey Also Provides Elder Law and Estate Planning Services

Rainey & Rainey also offers comprehensive estate planning and elder law services to individuals and families across the State of Texas. An effective estate plan is a must for those who want to be prepared for the future and those who want to provide for their loved ones.

We can’t know what may happen tomorrow, but we can prepare for it today with good healthcare and estate planning. To find out more about Medicaid planning and our other legal services, call Rainey & Rainey in Waco or Georgetown – today – at 254-457-5083 to schedule a consultation.

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