Medicaid Nursing Home Planning

Got Medicaid? Get Prepared, Houston!

Published on: January 14, 2015 | By McCulloch & Miller, PLLC

Here are some "Get's" that will help you prepare for the Medicaid application process.

Get going five years before you think you need to. Medicaid has a five-year look back to all your parents' financial dealings. Which means transactions conducted during that time may be counted in determining their program eligibility. With this requirement, it’s good to have your parents' banks' names and numbers accessible. Regulators are looking at two things: if you're hiding any money and if you've given any away.

Also, if one or both of your parents still live in the family home and you’d like to keep it, you should try to transfer ownership or set up a trust at least five years before they apply for Medicaid. Although there are some exceptions, typically if you don’t address this issue, you will be forced to sell the home.

Estate Planning for Houston Families without the Stress

Published on: January 7, 2015 | By McCulloch & Miller, PLLC

Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you take a significant weight off your shoulders?

Estate planning can do a lot of things for you, but one of the most valuable takeaways is peace of mind.

A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.

Plan Wisely for Medicaid or Else! One State’s Warning

Published on: December 4, 2014 | By McCulloch & Miller, PLLC

This case has drawn plenty of attention due to its legal and financial implications. Essentially, the case has escalated to the point of a federal judge warning state regulators that she would consider issuing an order to drop Ohio from Medicaid enrollment altogether, leaving the Buckeye State without federal funds to provide medical care for its elderly residents.

The State of Ohio is penalizing seniors by refusing to grant them long-term care benefits because a spouse or close relative has purchased a Medicaid-compliant insurance annuity. Medicaid administrators in Ohio say that an elderly nursing home patient is not entitled to long-term care benefits as long as he or she has a relationship with an individual who has purchased an annuity.

Other cases have been filed in federal courts in Ohio, and one federal judge has warned Ohio officials that she may hold them in contempt if they don’t follow federal law. The latest lawsuits filed against Ohio’s Medicaid administrators were brought by three elderly women whose husbands used their retirement accounts to buy annuities, which State Medicaid investigators say is illegal.

Plan Before Alzheimer’s Strikes Your Houston Family

Published on: October 24, 2014 | By McCulloch & Miller, PLLC

Medical research confirms one of the first things people have trouble with in the very early stages of dementia is managing personal finances. This means people can make very expensive financial mistakes, often before anyone notices there is a problem. I have seen this happen, and it is heartbreaking.

You never know what the future holds, so early planning for late-in-life health issues is essential.

For instance, you may notice that a loved one seems more disorganized than usual. Bills may pile up. The loved one may have difficulty remembering names and fumble for the right words. See a doctor if there are concerns. Alzheimer's Disease and most forms of dementia are progressive. This means it will get worse over a few years.

Financial Pointers: Providing Care for Aging Parents in Houston

Published on: October 17, 2014 | By McCulloch & Miller, PLLC

Dealing with aging parents is not only tough emotionally, but financially.

As one's parents age, financial and health care discussions are essential for families to have in order to plan ahead for any care they may require.

A recent Newsday article, titled"Money Fix: The cost of caregiving," tackled this tough issue and offered some financial and non-financial advice to help with providing care for aging parents.

Long-Term Care Planning for Houston Boomers: Medicare vs. Medicaid

Published on: September 4, 2014 | By McCulloch & Miller, PLLC

Although their names are confusingly alike, Medicaid and Medicare are quite different programs.

What is the difference between Medicare and Medicaid? There are strict income and asset guidelines that must be satisfied to be eligible for Medicaid coverage. While Medicare is solely a federal program, Medicaid is a joint state-federal program. Each state operates its own Medicaid system, but it must adhere to federal guidelines to receive federal funds. Federal money pays for half the state’s Medicaid costs, and the state pays the rest.

Long-Term Care Planning