Most senior citizens will need help with their activities of daily living eventually, and this is simply a fact of life that everyone should address. Many adult children provide this type of assistance, but the level of help that is required can increase over time.
It is wise to address this dynamic in advance so your family can be prepared to take the right steps along the way. Aside from assisted living communities and nursing homes, there is another option that many people are embracing that you may want to consider.
The Aging in Place Concept
You don’t have to look at the situation as an either/or equation with regard to an assisted living facility as opposed to living in your longtime home. The aging in place concept was conceived as an alternative, and it is growing in popularity.
What does an assisted living community offer that is different from the average home? If you think about it, the major difference is the way that the space is constructed.
There may be walk-in showers and/or bathtubs, grab bars in the bedrooms and bathrooms, outdoor ramps, bright motion sensor lighting, etc. All this can be done in a senior’s home, and the modifications can be custom crafted to suit the needs of each individual.
For example, hallways can be widened to account for wheelchairs, and there are stair lifts and elevators. After the initial changes have been made, they can be altered over time to account for ever-changing circumstances.
In addition to the physical structure, there is the caregiving part of the equation. Once the needs are identified, family members and friends can work together to provide the necessary assistance.
Of course, in many cases, a professional in-home health aide will be necessary. The help is definitely out there, but it is very expensive. In the greater Cincinnati area, the median annual charge for a home health aide in 2021 was almost $62,000.
Medicare does not pay for this type of care, and it does not cover a stay in a nursing home or assisted living community. Many people question the fairness of this arrangement, but it is an unpleasant reality.
Medicaid is the commonly embraced solution for seniors that require nursing home care. Since it is only available to people with significant financial need, there is a $2000 limit on countable assets.
We are not going to get into the qualification details here, but you can check out this post to get all the facts if you are interested.
There is also the Ohio Home Care Waiver Program that is referred to as a Medicaid waiver in a general sense. This program will pay for a nursing home level of care that is provided in someone’s home.
In order to qualify, you essentially have to fit into the Medicaid eligibility profile. This can seem impossible for someone that has resources, but this is an area of expertise for elder law attorneys.
To qualify for Medicaid or a Medicaid waiver, people divest themselves of assets, but advance planning is key. If you give gifts or fund an irrevocable trust, the actions must be taken at least five years before you submit your application for Medicaid coverage.
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You can see the schedule and obtain registration information if you visit our webinar page.
Need Help Now?
If you are ready to discuss nursing home asset protection with a Cincinnati elder law attorney, we are here to help. You can set up an appointment right now if you give us a call at 513-721-1513, and there is a contact form on this site you can use to send us a message.