The Texas Legislature recently passed a bill providing enhanced benefits for eligible retirees, beneficiaries, and alternate payees who are receiving a monthly annuity from TRS…so why is a law firm specializing in elder law and Medicaid talking about it?
While these one-time stipends are incredibly well-deserved, they could have negative impacts on Medicaid eligibility. Ard Law Firm, PLLC works with clients to navigate the Medicaid resource that helps pay for long-term care. Medicaid will see these TRS payments and count them as income, which could discontinue Medicaid services. This is cause for immediate action. And the first step you can take is reading the rest of this article to better understand the situation at hand.
What are the TRS Retiree Benefit Enhancements?
All information regarding TRS benefits and Medicaid comes directly from the TRS website: https://www.trs.texas.gov/Pages/benefit-enhancements-2023.aspx#:~:text=For%20purposes%20of%20Medicaid%2C%20the,trust%20and%20maintain%20Medicaid%20eligibility.
- Who will receive these one-time stipends?
- Retired Texas teachers or their surviving spouse receiving TRS as beneficiary
- Over the age of 70 (as of August 31, 2023)
- How much are the one-time stipends?
- $7,500 to eligible annuitants, 75 years of age and older
- $2,400 to eligible annuitants aged 70 to 74
- When will these stipends be paid out to recipients?
- No later than the end of September 2023
How we can help:
Our advice and counsel will depend on whether you’re single or married, and what your current monthly income is! If you are a current client, or would like to be a client, reach out to us so that we will be able to help you maintain or qualify for Medicaid eligibility while receiving this TRS Stipend. Call us as soon as you get the notification that you will be receiving either the $7,500 or $2,400 one-time stipend. Yes, even though it’s just a one-time payment, steps need to be taken to ensure it does not negatively affect Medicaid eligibility.
Medicaid has a lot of intricate rules for eligibility, which is why it’s important to seek guidance from a licensed professional to ensure the stipend is handled appropriately. If you receive monthly payments from TRS, are on Medicaid, and are over the age of 70, call us immediately! 713-429-0218