With misconceptions arising among clients over Medicaid, Guy B. Garner, of Estate Planning and Elder Law Haiman Hogue, PLLC, set the facts straight in an interview this week. —
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Garner, Senior Attorney at Arlington, Texas based firm, said one misconception is that people cannot keep their income if their spouse receives Medicaid benefits for nursing home expenses.
He said: "Your income will be handled separately in Medicaid matters. The money and property owned by both spouses will be taken into consideration when it comes to qualifying for Medicaid."
Another myth surrounding Medicaid is that everyone's Medicaid experience is the same. Garner said: "A lot of what people hear about Medicaid comes from their friends. This isn't the best way to obtain accurate information. Everyone's situation varies from circumstances to circumstances and state to state."
He explained that many people are afraid they won't qualify for Medicaid, but many factors are considered, such as age, income bracket, assets, and level of care needed.
Another Medicaid misconception is that individuals don't have to be concerned with Medicaid planning.
"Many of my clients don't realize just how costly long-term nursing care can be. It is important to begin the process of preparing for the possibility of Medicaid assistance early. The earlier they begin, the more money they'll be able to protect,"
At the other extreme, many who have moved to a nursing residence assume it's too late to begin planning for Medicaid. "Even
if you or your loved one has already used funds to pay for care at a nursing facility, there could still be time for Medicaid
planning. This is the case for anyone married," he added.
As people get older and their health declines, they might need long-term care, which can become costly without the help of Medicaid.
"Unfortunately, not everyone is up to speed about Medicaid. The best advice is to consult an experienced Elder Law attorney to get an accurate financial picture and understand the best way forward," he concluded.
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Source URL: http://RecommendedExperts.biz
Release ID: 89055929