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Medicaid planning is not so simple

No one wants to end up in a nursing home or other long-term care facility, but it happens. When it does, figuring out how to pay for it can be a bit of a nightmare. Many people in Texas and elsewhere end up turning to Medicaid in order to pay their living and care costs. This is something for which they can plan, but Medicaid planning is not all that simple when the government is weighing what to do with the program.

As it currently stands, approximately one in three people who are 65 or older end up living in a nursing home or other care facility. That is a pretty significant number. Of those, approximately 62 percent are unable to pay for their care and living costs without help.

Medicare does not cover nursing home costs and few people carry long-term care insurance. Medicaid, as the program currently works, can cover a great deal of nursing home costs. However, lawmakers are considering cutbacks to Medicaid spending.

Right now, the average annual cost for a semiprivate nursing home room is over $80,000. There is no saying how much of this bill would become out-of-pocket expenses if Medicaid receives less funding. All one can do is make sure he or she is prepared to get whatever financial support will be available by making sure one can qualify for Medicaid when it is needed. Texas residents can turn to an attorney who has experience with Medicaid planning so that they can get their affairs in order.

Source: msn.com, "Plan on Growing Old? Then the Medicaid Debate Affects You", Ron Lieber, July 1, 2017

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