When you hear the term “Medicaid planning,” you may feel as though it is something that does not apply to you. After all, Medicaid is a health insurance program for people with very limited resources. If you have health insurance, and you will qualify for Medicare as a senior citizen, the notion of Medicaid planning can seem irrelevant to you.
While this makes sense on the surface, Medicaid planning is in fact quite important to many elders. This is because of the fact that Medicare does not pay for long-term care. Medicaid will pick up the tab, and this is why Medicaid planning can enter the picture.
Long-term care can be received in a nursing home or assisted living community, but these facilities are extremely expensive. In addition to the cost factor, clearly, many elders do not want to be uprooted. You lose connection with your neighbors and the surroundings that are familiar and comforting to you when you enter one of these facilities. This sense of familiarity can be extremely important when you have lost people close to you along the way.
It is possible for many people to receive the help that they need in their own homes. Many seniors receive assistance from family members, friends, and neighbors, and this can be a great solution for those who are fortunate enough to have these resources.
For others, in-home care givers are an option. There are companies that will send licensed homemakers and home health care aides to people’s homes. These services are certainly not free, but they can be far less expensive than nursing homes and assisted living communities.
If you were to need help with in-home care expenses, you may be able to qualify for a program that is funded by Medicaid. It is called the Home and Community-Based Services waiver program.
The eligibility requirements for true Medicaid coverage are quite stringent with regard to income and assets. The requirements for the HCBS are softened, and this is why it is referred to as a waiver program.
This program can potentially provide a great solution for you if you are capable of receiving the care that you need in your own home.
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Long-term care is extremely expensive. It is not uncommon for nursing homes to charge over $100,000 per year, and people often spend multiple years receiving care.
For some, in-home care is a solution, but there are others who require more comprehensive assistance that cannot be received in the home.
If you have questions about long-term care and the expenses that go along with it, our firm can provide answers. We offer free consultations, and you can send us a message through this page to set up an appointment: Indianapolis IN Medicaid Planning Attorneys.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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