The Medicaid waiver program can come into play if you need long-term care toward the latter portion of your life. Before we look at the details, we should provide a general overview so that you understand the lay of the land. The fact is that the majority of senior citizens will eventually need long-term care so if you make no advance plans you could be unprepared for the cost when the time comes. With this in mind, it is important to consider Huntersville Medicaid planning so let our Huntersville Medicaid lawyer explain what you need to do.
What is Medicaid?
Medicaid is a program that is intended to provide medical care for people who don’t have the financial resources to pay for their care. As a result, there is a $2,000 asset limit that must be met if you are going to qualify for Medicaid. This can seem like it will preclude everyone from eligibility, but not all of your assets count toward this limit.
Your vehicle, your place of residence, and many of your personal possessions are not countable in a Medicaid eligibility context. The healthy or community spouse is also allowed to keep half of the community assets up to a set limit. That limit can change so ask your Huntersville Medicaid lawyer to confirm that amount.
Long-Term Care Costs
The long-term care coverage gap is significant because living assistance is very expensive. The average annual cost for a private room in a nursing home exceeds $90,000. Assisted living communities are also quite expensive. Medicaid is a government program that will pay for long-term care in a nursing home. Because it is a need-based program, many seniors try to give assets to their loved ones with future Medicaid eligibility in mind.
However, you must become informed about your options because there is a 60-month look-back period. Your eligibility may be delayed if you give away assets within five years of applying for coverage.
What is a Medicaid Waiver?
Now that you have the necessary background information, we can look at the Medicaid waiver. Many people can receive the living assistance that they need in their own homes. In-home caregivers are not free by any means, but in-home care can be much less expensive than full-time residence in a long-term care facility.
The government would like to see people receive help in their homes if it is at all possible because it is less expensive. To facilitate this, the Medicaid Home and Community-Based Services waiver program was implemented. This program helps eligible seniors pay for in-home care. It is called a “waiver” program because the asset and income limits are relaxed to allow more people to qualify for coverage.
Understanding the reality of Medicare and Medicaid
One of the reasons why some people fail to plan for the possibility of incurring long-term care expenses is because they are under the impression that Medicare will take care of everything once they reach the age of eligibility. In fact, Medicare does not cover long-term care expenses so you’re on your own unless you can qualify for Medicaid and many people do receive Medicaid assistance. If you still have questions speak to our Huntersville Medicaid lawyer.
Huntersville Medicaid Planning as a Long-Term Care Solution
In the elder law community, the high and rising costs associated with long-term care are a major source of concern. These expenses are something to keep in mind when you are making plans for the future, and if you stick your head in the sand you may find yourself in an untenable situation in the future.
Join us for a FREE seminar today! If you have questions regarding Medicaid waivers or any other Medicaid planning matters, please contact the experienced attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (704) 944-3245 (Huntersville, NC or Charlotte, NC) or for individuals in Kentucky at (606) 324-5516 (Ashland, KY) or at (859) 372-6655 (Florence, KY).