Americans are living longer and as a result they may develop chronic conditions that require long term care. Seniors tend to want to remain living in their own familiar home for as long as possible. How can a senior citizen afford to pay for assistance with their tasks of daily living? Long Term Care, from homecare to nursing home care, is very costly. Three common ways of paying for long term care are: private pay, advance purchase of a Long Term Care Insurance policy, or with Medicaid coverage.
Medicaid is a federally funded, state regulated means tested health insurance program. For seniors over the age of 65 who are experiencing some form of disability, Medicaid coverage for Long Term Care can be a lifesaver. However, the income and resource limits for eligibility are low. In 2015, an individual applying for Medicaid for Long Term Care may have no more than $14,850 in the bank and earn no more than $850 per month in order to be eligible.
There are some exempt resources and some allowable transfers within specific parameters. To find out more about solutions for you or your loved one, please call my office.
Speak to an Elder Law attorney to find out how you or your loved one may be eligible for Medicaid coverage for long term care without becoming impoverished. One tool that can be used is a Pooled Income Trust. If the Medicaid applicant’s monthly income is over the allowable limit, the overage may be deposited on a monthly basis in a special trust account held by a pooled income trust company who will use this money to pay some of the Medicaid applicant’s bills.
The family home is often a big concern as well. If Dad is entering a nursing home, may Mom continue to live in the home even though the couple owns it together? What will happen to the home if Mom moves out to live with family, needs a nursing home or assisted living in the future? What about an adult daughter who lives with Mom and cares for her? May she continue to live in the home even if both parents no longer do? What if Mom and Dad have left the home to their children in their wills? Will they be able to pass on their most valuable asset that they worked so hard for to their heirs? These are important questions to discuss with your elder law attorney during your initial consultation.
Call my office today to schedule a consultation to answer your questions, get informed and make a plan for yourself, for your future, for your family.
