Medicaid is health insurance for someone who simply can't afford it any other way, right? While Medicaid does provide health care coverage for individuals who meet certain financial guidelines, this definition is an oversimplification and a misunderstanding of Medicaid in many cases. Understanding Medicaid, and your loved one's options regarding Medicaid, can make a big difference in how you look at end-of-life care in Texas.
When you are involved in estate and care planning, one of the questions you should ask is "How am I going to afford life in later years?" Even if you've saved for years for retirement and have what you would consider a stable nest egg, your finances might not last as long as you think they will if health costs go up or you are hit with an unplanned illness. Thinking now about options such as Medicaid can help you have a plan in place to take care of yourself without overly burdening those you love.
Our firm understands how Medicaid works in Texas, and we also understand that many people have misunderstandings about Medicaid and Medicaid eligibility. For example, did you know that it's never too late for a Medicaid application? If you think you missed the boat, don't worry. You can still apply for coverage, even if you are already being treated in a skilled nursing facility.
Part of your planning might include ensuring your family members know these things as well. You might not be able to make the decisions about your finances and Medicaid status when it really matters, so appoint someone to do these things for you and make sure they know what your wishes are.
An estate and care planning attorney can help you document all of these things for the future. Our firm can also help you understand exactly what your options are and how to apply for Medicaid when necessary.