How do I plan for Medicaid eligibility?

Planning for Medicaid eligibility in Texas can seem intimidating, but understanding the basics can help you get started. First, it is important to understand the income and asset requirements for eligibility. Depending on what type of assistance you are looking for, there are different eligibility criteria, so being familiar with these requirements is key. Once you know the income and asset requirements, it is important to begin planning for how to meet those criteria. For example, if you have too much income or too many assets, you may need to create a special needs trust to help protect your assets while still making you eligible for assistance. It is also important to recognize the five-year “look-back period” requirement. This means that if you are trying to make yourself eligible for Medicaid, you need to be aware that any assets transferred within five years of applying will be considered part of your assets. Therefore, if you are planning to move assets around to become eligible, it is important to do so at least five years before applying. Finally, it is important to be aware of other programs or resources that may assist you in meeting the eligibility requirements. The Texas Health and Human Services Commission is a great resource which provides many services and resources. Their website has a wealth of information about eligibility requirements, planning for Medicaid, and more. Overall, planning for Medicaid eligibility requires a lot of research and understanding of the requirements, and your best bet is to get advice from a professional who specializes in elder law. Taking those steps will help ensure you have all the information you need as you plan for Medicaid eligibility in Texas.

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How do I plan for Medicaid eligibility?

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