Our Services
Medicaid Filing Connection is your full-service solution for Medicaid planning and financial peace of mind.
At Medicaid Filing Connection, we help our clients preserve and extend their family’s wealth by restructuring their finances to qualify for Medicaid in Texas. Our proven, six-step process is led by a dedicated Medicaid Eligibility Specialist and includes a team of experts who can advise on financial, legal, and insurance matters.
Financial Preservation Planning
You may be concerned that your loved one will have to spend down all their assets to qualify for Medicaid. But the truth is there are many assets seniors can own and still be eligible. In addition, there are established, legal methods for restructuring other assets so they’re exempt from the applicant’s income.
Comprehensive Review of Finances
Our team will evaluate your family’s resources such as:
- Liquid assets
- Stocks or bonds
- Life insurance
- Annuities
- Real estate
- Pensions
- Oil and mineral rights
Smart, Proven Estate Retention Strategies
If any of these assets are pushing your loved one’s income above the eligibility requirements, we’ll work on a variety of strategies to convert them to exempt assets, while also keeping an eye on tax implications. For example:
- Set up an Educational fund for a grandchild
- Maximize gifting possibilities in a Medicaid compliant way
- Transfer all assets to the spouse at home
- Set up a fund to allow for a private room at the Nursing Home
- Sell any unneeded assets and keep a portion of the proceeds while still qualifying for Medicaid
- Much, much more
Protecting the Spouse
In many cases, one spouse needs to apply for Medicaid while the other does not. To protect the healthy spouse, Medicaid has spousal impoverishment rules in place. This is called the Spousal Protected Resource Allowance (SPRA). In addition to protecting the family’s overall wealth, our team can strategize on ways to protect more assets than allowed in the maximum SPRA.
or call 855-410-0192
Home Protection
If you or a loved one is planning to apply for Medicaid, often the family home is central to your financial concerns. Fortunately, the state of Texas allows applicants to own a primary residence (up to $595,000 in equity) and still qualify.
However, things can get a bit complicated if you try to sell or rent the home – or if you have income-producing investment properties. Not only that, the state may attempt to recoup your Medicaid benefits from your estate after your passing. This is called the Medicaid Estate Recovery Program (MERP). There’s a chance they could obtain your family home as part of MERP in probate court.
Keeping the Family Home
If keeping the home in the family is your primary goal, we can assist you in setting up a Lady Bird Deed (or Enhanced Life Estate Deed). This conveys the property to new owners at the death of the current owner. Recognized by Medicaid in Texas, using this deed will ultimately protect your loved one’s home from the Medicaid Estate Recovery Program (MERP).
Selling the Family Home
When selling the home, you want to avoid the transfer penalty imposed by the Texas Health and Human Services Commission. This occurs when you gift or sell an asset for less than fair market value within five years of applying for Medicaid. They will divide the value of the asset by $213.71 (2020 rate). The result is the number of days the state withholds payment. Our licensed real estate experts can help you balance Medicaid compliance and profitability for your property.
Managing Real Estate Income
If rental property profits push your income above Medicaid thresholds, we can help you open a qualifying income trust. Your excess income is directly deposited each month into a restricted funds account and it’s no longer considered part of your assets for the purposes of qualifying for Medicaid. However, you can use these funds to pay medical bills and care costs, such as nursing home bills and Medicare premiums.
