Are You a Caregiver?
If you do the math, you can see that these people have been starting to attain senior citizen status. According to the Social Security Administration, there are as many as 15,000 applications for benefits being submitted each and every day. People that are just entering their retirement years are typically going to be able to live independently and enjoy their golden years to the fullest. This being stated, as time goes on, it can become difficult for elders to take care of all their own day-to-day needs. In fact, seven out of every ten seniors will eventually need living assistance.
The Sandwich Generation
When you find out that someone that you love very much needs assistance, you may resolve to do anything and everything that is necessary. The fact is, we all have our limitations, and you should certainly keep this in mind so that you can retain your own health. Do not be afraid to ask for additional help when you discover that you need it. Family members and/or friends may be willing to lend a hand, and there are other possibilities, such as adult day care facilities.
When it comes to in-home care, here in Illinois, there are nine different Medicaid Home and Community Based Services Waiver Programs that are potentially available. Each respective waiver is designed to respond to the needs of a diverse set of individuals, and one of them is specifically for elderly people. If you have a loved one that requires nursing home care, your family will have to try to obtain direct Medicaid eligibility as a source of financial assistance. The limit on countable assets is $2,000, but there are some things that don’t count, including your home, one vehicle, and your personal belongings and household effects.
When it comes to the countable assets, your family member could give gifts to loved ones or fund an irrevocable trust. However, this takes careful planning, because the gift giving must be completed at least five years before the application for Medicaid coverage is submitted. A period of ineligibility is imposed if this rule is violated. To explain through a simple example, if an applicant gives away enough to pay for two years of nursing home care, Medicaid eligibility would be delayed by two years.