The Medicaid Home and Community-Based Services waiver program is a government program that should be on your radar when you are looking ahead toward your elder years. This program can potentially provide you with financial assistance that would help you pay for in-home care as a senior if you ever need help with your activities of daily living.
Most seniors are going to need living assistance at some point in time, and this is a stark fact of life. To be properly prepared, you should pragmatically embrace this reality.
Understanding Government Programs
If you’re going to qualify for Medicare, you may feel as though the Medicaid program will not be important to you on any level. In reality, Medicare does not pay for long-term care, but Medicaid will assist with long-term care costs. This is why Medicaid is relied upon by many seniors.
Since Medicaid is a need-based program, there are income and asset limits that you must stay within if you want to obtain eligibility. The limit on countable assets is just $2,000 for an individual.
Medicaid Home and Community-Based Services Waiver Program
Now that you understand the lay of the land, we can look at the Medicaid Home and Community-Based Services waiver program.
Nursing home costs are off the charts around the country. Nationally, the median annual expense for a private room in a nursing home is over $91,250.
We practice law in Indianapolis, Indiana. In our metropolitan area, the median annual cost for a private room is over $97,000 according to a Genworth Financial survey. To add to the pain, we can expect a seven percent per year increase over the next five years according to the survey.
If you could get care in your home, a great deal of money could be saved. The median annual cost for an in-home caregiver in Indianapolis is $45,760.
The Medicaid Home and Community-Based Services waiver program is in place to provide financial assistance for people who can receive the care that they need in their own homes. It is called a “waiver” program because the eligibility requirements for full-blown Medicaid eligibility are waived. This allows more people to become eligible. In the long run, money is saved.
The financial element is a huge part of the equation, but many seniors would prefer to remain at home, and the Medicaid Home and Community-Based Services waiver program can make this possible.
Explore Your Options
Long-term care expenses loom large for senior citizens. If you would like to discuss all of your options with a licensed elder law attorney, our firm would be glad to help.
We offer free consultations, and you can contact us through this page to set up an appointment: Indianapolis IN Elder Law Attorneys.