Can I Pay a Caregiver in a Lump Sum and Qualify for Medicaid?
Can you pay up front for long term care?
When planning for your future, you might be wondering. Is it possible to pay for long term care in advanced, as a lump sum? Can you use this as a way to pass on your assets to a loved one who will care for you, and qualify for Medicaid? If you or someone you love needs advice about Medicaid or long term care contact the Miller Elder Law Firm Today.
An experienced elder law attorney can help
If you have any questions regarding elder law, whether it be about Medicaid, estate planning, or anything else; our attorneys at the Miller Elder Law Firm are here to help. Call our knowledgeable, dedicated attorneys today.
“Basically, if you’re a person who has a piece of homestead property…let’s say you have $100,000 in the bank and you’re getting to the point where you require 24-hour care, the five activities of daily living. You fall down; you can’t really cook a meal for yourself and clean the dishes; you have incontinence; you have trouble bathing yourself. Those things basically mean that you’re going to require a higher level of care. Most people can’t afford to have that level of care serviced in their homes because 24-hour care is very expensive. I think we did some estimates on just a normal household. With 24-hour care, [it] usually costs about $15,000 a month. Most people can’t afford $15,000 a month for very long.
The other option would be to take a look at your assets and see what you can do in order to qualify for Medicaid. Medicaid’s qualification criteria are $2,000 in assets, so when you have $100,000 in the bank and you have a piece of homestead property, the question is: How do I get rid of this $100,000 that’s not qualifying me for Medicaid? There’s a few ways that you can do it that are legal, that are approved by Medicaid, and they understand. These are things that actually help Medicaid.
For example, one of the options would be to take that $100,000 and to lump-sum pay a care provider. Basically, what you would do is: You would take your $100,000 and say, ‘I’m going to provide my two caretakers,’ if they’re children of yours, or neighbors, or whoever, and in exchange, they’re going to agree to provide you with services for the rest of your life. You may be able to take $50,000, pay those people up front, and then you know that when you are in the nursing home, someone’s going to be supervising your care.”
How The Miller Elder Law Firm Can Help
Allow our experience in the field to work on your behalf. Contact The Miller Elder Law Firm today for an initial consultation at (352) 379-1900 or fill out our convenient contact form.