Houston Medicaid Planning Lawyer Whitney L. Thompson Explains the Financial Vulnerability of Older Adults in the USA
Sep 16, 2022
September 16, 2022 - /PressAdvantage/ - Houston Medicaid planning lawyer Whitney L. Thompson releases a new article (https://www.wthompsonlaw.com/houston-medicaid-planning-attorney/) explaining the financial vulnerability of older adults in the USA. The lawyer mentions that people the quality of healthcare, technologies, and life-saving techniques today have offered many people a way to have longer life expectancies. While this can be a good thing, many people find that they are outliving their financial resources.
According to the Houston Medicaid planning lawyer, “Unfortunately, our system in the United States can be a confusing set of state and federal programs. Proactive Medicaid estate planning with a professional Houston Medicaid planning attorney can enable older adults to qualify under stringent Medicaid eligibility rules while preserving their hard-earned assets.”
The lawyer mentions that many older Americans will not be able to afford nursing home care on their own. However, public assistance programs can make it difficult to qualify. This can leave many older adults financially exposed and insecure in their later years. In Houston, estate planning can be complicated if an individual does not do it correctly.
Attorney Whitney L. Thompson adds that the cost of assisted living in Texas costs about $3,988 per month and over $47,000 per year. Medicaid does not cover assisted living or nursing home care. Because of this, individuals can end up with very expensive long-term care. Even if they are able to save up a lot of money, nursing home costs can deplete those savings quickly.
In the article, the lawyer adds that long-term care should be considered in order for an individual to live a quality life. Although Medicaid can pay for some or all of the costs associated with long-term care, these benefits are limited to people who qualify with the stringent asset and income guidelines.
According to attorney Thompson, “Despite the fact that Medicaid is the largest provider of nursing home benefits in the United States, the program was designed primarily to assist low-income individuals. Consequently, to be able to qualify for Medicaid benefits in Texas, there are a strict asset and income caps. Many older adults have income and assets that exceed Medicaid’s eligibility requirements which leaves them unable to qualify for Medicaid long-term care benefits.”
Lastly, the lawyer emphasizes the importance of having a skilled estate planning attorney when dealing with matters involving estate planning. Having an experienced estate attorney may be able to help an individual understand their rights and help them prepare for the future of their loved ones.
About The Law Office of Whitney Thompson, PLLC
Attorney Whitney Thompson is an experienced family law attorney who helps clients deal with family law matters such as divorce or legal separation. Attorney Thompson also deals with guardianship, probate, and estate planning matters. As an experienced divorce lawyer, attorney Thompson and her legal team have helped families have a smoother divorce process and plan for their future more thoroughly. To schedule a consultation, call (979) 318-5079.
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For more information about The Law Office of Whitney L. Thompson, PLLC, contact the company here:
The Law Office of Whitney L. Thompson, PLLC
Whitney L. Thompson
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The Law Office of Whitney L. Thompson, PLLC
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