Medicaid Planning Avoid Nursing Home Poverty

What is Medicaid?

Most of the nursing home residents in Texas have their stay paid for, all or in part, by Medicaid. The cost of a monthly nursing home stay in Texas can vary from city to city but the average nursing homes cost is $5,931 or more each month. If a married couple is in a nursing home, and they are paying for their care and their medicines and other necessary living expenses, they could be paying out more than $12,000 each month.

READER ALERT: Medicare does NOT pay for Long Term Nursing Home Care.

An extended nursing home stay can wipe out a family’s entire life savings in a few months or a few short years. This is why so many people are interested in finding out how they can qualify for Medicaid, which pays this nursing home cost.

In order to qualify for Medicaid, you must meet Medicaid’s  definition  of  “poor.”   There areother requirements as well – you must be at least 65 years old, blind or disabled, and your income and assets must be limited.

Title XIX of the Social Security Act, enacted by the Social Security Amendments of 1965, provided for grants to states to implement the Medicaid Program.

Medicaid is a federal-state entitlement program that pays for medical services on behalf of low-income eligible persons. Medicaid is financed from federal and state funds.

Justin T. Crain is an estate planning attorney in the Plano, Texas office of Thomas Walters Estate Planning where he provides legal services including Wills, Trusts, Gun Trusts, Guardianship Administration, Probate, Estate Administration, Medicaid Planning and Nursing Home Planning to those in the surrounding areas of North Texas.