Houston TX Elder Law

Houston TX Elder Law

Many middle class seniors and their families consider the high cost of long-term care a critical issue for which to plan.  Statistically, most seniors will likely require some form of long-term care. Sadly however, many of them are ill-equipped for the significant financial burdens this places on their family’s hard earned savings. With ongoing care at a rate of $6,000 or more per month, a family may face financial devastation in a relatively short period of time.

Options for Long-Term Care

While some wealthy seniors are able to afford private pay care for as long as needed, the high cost of long-term care can wipe out savings in a matter of a few short years.  Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on their family or other financial sources in the future.  Unfortunately, many families cannot afford the high cost of long term care insurance or even worse, because of their age or existing/pre-existing medical condition, they cannot even qualify for long term care insurance altogether.  If you do have long-term care insurance, you should be familiar with what your policy covers and what it does not cover.  Many policies have very high deductibles or provide for only a short period of care in a facility or at home.  Actually, some individuals who have long-term care insurance still have to resort to Medicaid to help pay for their care.

Eligibility for Medicaid

The other option to pay for long term care is through the use of Medicaid.  Medicaid a joint federal-state program, which provides medical assistance to low-income (and low asset) individuals, including those who are 65 or older, disabled or blind.  Medicaid has become the single largest payer of nursing home bills in America and it serves as the option of last resort for many people who have no other way to pay for or finance their long-term care needs.  Although Medicaid eligibility rules vary from state to state, there are federal minimum standards and guidelines which must be observed and abided by. 

While Medicaid eligibility with respect to long-term care was not quite as difficult in the past, there has been a steady movement towards more complex and restrictive rules.  Certain changes have resulted in complex eligibility requirements for those in need of Medicaid benefits.  It’s no longer as simple as just reviewing bank statements.  There are a host of regulations involving certain look-back periods, income and asset caps, transfer penalties and waiting periods to consider. 

Schnurr Law Firm can help you try to avoid the financial ruin associated with the high cost of long-term care. 
Contact us today to discuss the best way to structure and finance your long term care. 

Schnurr Law Firm, PLLC serves clients throughout the greater Houston area, including, but not limited to Houston, Bellaire, West University, Sugar Land, Missouri City, Richmond, Rosenberg, Katy, Cypress, The Woodlands, Kingwood, League City, Webster, Clear Lake, Pearland, Angleton, and throughout Harris County, Fort Bend County, Montgomery County, Brazoria County and Galveston County.

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