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It is easy to assume that you will be able to handle your own daily responsibilities as you get older, even if you may have to curtail some of your activities. Hopefully, this is the way that your life will unfold, but the statistics tell another tale. According to the United States Department of Health and Human Services, seven out of 10 seniors will need living assistance eventually. Just over a third of elders will move into nursing homes at some juncture.
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This term is being used more and more, and the concept is becoming quite refined. There are modifications that can be made to your living spaces to make life easier, and the exact changes will depend on your needs.
Builders that understand these concepts can do amazing things, and smart home technology can allow you to control systems, lights, and appliances. Advanced communication capabilities are available to everyone, and this is another source of comfort and security.
These modifications coupled with some human assistance from family members and friends can allow many elders to continue to enjoy the comfort and familiarity of their homes.
Will Medicare cover a professional home health aide?
Since most seniors need living assistance and Medicare is a healthcare program for people that are 65 and older, you would think that the program would cover elder care. Many would say that it isn’t fair, but in fact, Medicare does not pay for any form of custodial care.
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Genworth Financial is a go-to resource for long-term care cost statistics. In the Burlington, Vermont area, the median annual cost at the time of this writing is close to $70,000.
Is there any other government program that will pay for in-home living assistance?
Yes, Medicaid will pick up the tab if you can gain eligibility. There is also a Medicaid waiver program that will pay for in-home care. In our state, it is called the Vermont Choices for Care Waiver.
Qualifying for coverage is easier said than done, because there is a $2000 limit on countable assets.
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There are some assets that do not count for Medicaid eligibility purposes. One of them is your home, and you can retain ownership of a motor vehicle. Engagement rings, wedding rings, and heirloom jewelry are not counted, and household items and personal belongings are exempt.
An applicant can have a prepaid burial plot and unlimited term life insurance. Up to $1500 in cash can be set aside for final expenses, and $1500 of whole life insurance is permissible.
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You can do this, and you can alternately establish and fund an irrevocable Medicaid trust. If you choose the latter option, you would surrender access to the principal, and you could receive distributions of the trust’s income until you apply for Medicaid.
This sounds easy enough, but there is a five-your look-back period. In order to gain immediate eligibility, you have to divest yourself of the assets at least five years before you apply for Medicaid.
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Yes, there is a very relevant exception since we are looking at in-home care. If one of your adult children has provided care for you in the home for at least two years, you can give the home to the child.
The Medicaid look-back would not apply, and Medicaid would not be able to put a lien on the home after your death. Under other circumstances, if you pass away while you are in direct personal possession of a home, Medicaid could attach the property during the estate recovery phase.
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Schedule a Consultation Today!
Our doors are open if you are ready to work with a Burlington, Vermont elder law attorney to develop a plan for aging. You can send us a message to request a consultation appointment, and we can be reached by phone at 802-879-7133.
