In-Home Care FAQs

It can be hard to envision a time when you will be unable to handle your own day-to-day needs, and most people are conditioned to be self-sufficient. This can lead to a false sense of security because over 50 percent of elders will need some form of paid living assistance.

Yes, there are licensed home health aides that can be engaged to provide assistance. The providers have people on their staff with different levels of expertise, so you can find the right match based on your situation.

When people think about walk-in showers and tubs, grab bars, motion sensor lighting, and other ease of living modifications, an assisted living facility will come to mind. This is certainly an option, but there are building techniques that enable aging in place.

Qualified contractors can be called upon to evaluate your living space and make the appropriate modifications. This can be an ongoing process if and when things change over the years, and there is a federal Older Adult Home Modification Program that may assist with the costs.

Genworth Financial is a company that sells financial products for senior citizens that are concerned about long-term care costs, so they conduct research into the current state of affairs.

At the time of this writing, the median annual cost for in-home care in the Cincinnati area is over $58,000. These costs have been rising over recent years, so if you need in-home care in a decade or more, the figure may be considerably higher.

Most senior citizens will qualify for Medicare when they reach the age of 65 under currently existing laws. This program will provide a solid health insurance underpinning, but it does not pay for any type of custodial care, including in-home care.

Yes, there is a potential solution in the form of the Medicaid Home and Community Based Services waiver program. It will cover in-home care if you can gain eligibility.

Yes, it is a need-based program, so there is a $2000 limit on countable assets.

There are non-countable assets, including your home, but there is an equity limit that is over $600,000. One motor vehicle is not counted, and wedding rings, engagement rings, and heirloom jewelry are exempt.

Your personal belongings and household items are not counted, and you can have $1500 saved for final expenses. You can have the same amount of whole life insurance, and unlimited term life insurance is permitted.

The answer is yes and no. There is a Medicaid estate recovery mandate, so the program can place a lien on the property if it is in your direct personal possession at the time of your passing.

However, there are some exceptions to the rule. If one of your adult children has been living in the home for at least two years to provide care that has enabled you to live in the community, you can give the home to the child. It would be protected during the recovery phase.

There would be no lien placed on the property if an independent spouse is remaining in the home after the death of their spouse, and this also applies to blind or disabled adult children.

You can give direct gifts to transfer assets out of your name with Medicaid eligibility in mind, and you could alternately convey assets into an irrevocable trust. If you fund the trust with assets that are countable, you could continue to receive distributions of the trust’s income.

Timing is the key to the successful execution of the strategy, because there is a five-year look back period. All divestitures must be completed at least five years before you apply for Medicaid.