Wright Abshire, Attorneys, A Professional Corporation
Houston: 713-660-9595
The Woodlands: 936-273-2773
Fayette County: 979-278-4095

Importance of health care planning for elders

The need for retirement planning is something most residents from Texas understand. Such plans are subject to catastrophic failure, however, when they fail to account for the medical expenses associated with old age. Successful care planning is best done well in advance. Assets can be placed in a trust or otherwise protected, long-term care insurance or Medigap plans purchased, and financial resources identified to ensure a smooth transition that doesn't place a heavy emotional or financial burden on family members.

For those who did not engage in advance planning, accessing last-minute resources may still be possible. Medicare will cover a nursing home stay for the purposes of rehabilitation for up to 100 days. The only requirements are a facility approved by Medicare and a prior hospitalization for three days. Medicaid offers another option for single individuals with less than $2,000 in cash or cash-equivalent assets. If a married individual utilizes Medicaid resources, the other spouse may hold up to $115,920 without penalty.

As a spokesperson for Genworth Financial put it, the best method of covering elder care expenses is to plan well in advance of the need. Even if it's simply transferring assets out of the individual's name or purchasing long-term care insurance, advance planning can relieve worries and preserve the estate for beneficiaries.

Some types of planning seem simple enough for individuals to handle alone. Medigap insurance, for instance, provides specific types of coverage to close holes in Medicare. Predicting specific needs is impossible, so this may not be sufficient. An attorney with care planning experience may be able to help individuals construct a plan that provides coverage for many needs without sacrificing savings or property.

Source: U.S. News, "How to Pay For Nursing Home Costs," Emily Mullin, Feb. 26, 2013

No Comments

Leave a comment
Comment Information

We Believe in Client Satisfaction Here is what our clients say about our hands-on approach to elder law and estate planning.

  • Thank you for your caring expression of sympathy. But more importantly, I want you to know how much your warmth as human beings has been palpably present in all the social and business intercourse we have experienced with you. Your willingness to allow yourselves to be completely human as you ply your trade adds a dimension to your professional stature which is unparalleled by most of your profession. Please don't change. You stand head and shoulders above the crowd. - L.T
  • Everyone in the firm was extremely cordial, courteous and professional, which made our family feel at ease knowing that our needs would be expertly managed. - R.L.
  • Everyone I came in contact with were kind and helpful. They were so professional as well as personable. I loved them. - J.B.
  • Very helpful in a family time of need. Excellent staff and service. After dealing with the State I have no idea how anyone could take this journey without the law firm's services. - L.N.
  • The firm did all things especially well. I was always impressed by the competent manner in which everyone worked and was confident that it would be "mission accomplished..." – J.T.
  • No detail was overlooked. Everything went very well. We feel so fortunate that your firm is well informed, capable and willing to do so much for us. I can't thank you enough for everything! - N.C.
Learn More
Email Us for a Response

Have a question about elder law in Texas? We can help. Schedule A Consultation Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

"The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form."

Contact Our Texas Elder Law Attorneys Today We have 3 locations to better serve you. Contact our office closest to you.

Bellaire Office
4949 Bissonnet Street
Bellaire, TX 77401

Phone: 713-660-9595
Fax: 713-660-8889
Bellaire Law Office Map

Bellaire Office

The Woodlands Office
3117 College Park Drive, Suite 240
The Woodlands, TX 77384

Phone: 936-273-2773
Fax: 713-660-8889
The Woodlands Law Office Map

The Woodlands Office

Carmine Office
1055 Deer Haven Road
Carmine, TX 78932

Phone: 979-278-4095
Fax: 713-660-8889
Carmine Law Office Map

Carmine Office
Back To Top