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Since we are focusing on in-home care, there is an exception to the rule. Let’s say that you need a nursing home level of care, but your son is providing the care, so you can stay at home.If you have been receiving the care from your son for at least two years, you can give him the home, and the look-back would not apply.Plus, Medicaid would be required to seek reimbursement from your estate after your passing. If you give the home to your child under this child caregiver provision, the property would be protected after your passing.
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You can give direct gifts, and another option would be to convey assets into an irrevocable Medicaid trust. If you establish the trust, the principal would become inaccessible, but you could receive income that is generated by assets in the trust until you apply for Medicaid.This can be done effectively, but you have to act in advance, because the trust must be funded at least five years before your Medicaid application submission date.
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This is a good question, but there are some assets that are not counted, and a home is one of them. There is an equity limit, but it is considerably higher than the median cost for a house in our area.One motor vehicle is not counted, and you can have unlimited term life insurance and up to $1500 of whole life insurance. Prepaid burial plots are not countable assets, and you can have as much as $1500 set aside for your burial or cremation expenses.Heirloom jewelry, wedding rings, and engagement rings are not counted, and Medicaid is not concerned about your personal belongings and household items.
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Yes, there is a $2000 limit on assets, and this applies for Medicaid and the Medicaid waiver that will pay for an in-home health aide.
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Medicaid will cover nursing home costs if you can gain eligibility, and in Kansas, the Frail Elderly Medicaid waiver will pick up the tab for in-home care.
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Since so many seniors will face long-term care costs, and Medicare exists to protect this age group, you would think that living assistance would be covered. In fact, Medicare does not cover the custodial care that in-home caregivers and nursing homes provide.
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Many people can get the assistance they need from family members and friends in their own homes, but there are those who require professional care. According to Genworth Financial, the median annual charge for an in-home health aide is over $50,000 a year in Overland Park.For full-time residence in a nursing home, the median charge for a private room is about $90,000, and it is over $80,000 for a semi-private room.
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If you have been relatively healthy and active throughout your life, you may feel as though it is unlikely that you will ever need living assistance. In fact, the statistics tell another tale.Twenty years ago, you probably could not imagine exactly how you feel today, and it is useful to apply this to the future.Once you reach your middle 60s, it is likely that you will live for another 20 years, and life as an octogenarian can be very different than anything you have ever experienced.The United States Department of Health and Human Services maintains the LongTermCare.gov website, and you can find a lot of eye-opening information on the site.According to their research, 70 percent of senior citizens will eventually need living assistance, and 35 percent will someday reside in nursing homes.
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Schedule a Consultation Today!
We are here to help if you are ready to work with an Overland Park elder law attorney to develop a custom crafted plan for aging. You can schedule a consultation appointment if you call us at 913-262-2000, and you can use our contact form if you would rather send us a message.
