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Clearly, many people that are in their 50s and 60s are still quite active, but rapid changes are not uncommon as the years pass. The statistics are a good barometer, and the U.S. Department of Health and Human Services has stated that 70 percent of seniors will need living assistance.
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In all, 35 percent of elders will eventually reside in nursing homes, but many older folks do in fact get the help that they need at home. Family members, friends, and neighbors will often pitch in to provide the necessary assistance, and home modifications make life easier. A smart home system can be used in conjunction with the appropriate modifications, and there can be ongoing adjustments to the surroundings when and if they become necessary. The modifications come with a price tag, but it can be a cost-effective alternative to full-time residence in an assisted living facility or nursing home.
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Sometimes a senior will require care from a professional with a certain level of medical expertise. Genworth Financial conducts annual surveys to keep a finger on the pulse of assisted living costs around the country, and they drill down to states and metropolitan areas. In the Hartford area, you can expect to pay over $50,000 annually for an in-home health aide at the time of this writing. For your information, the median annual charge for a private room in a nursing home in these parts is over $160,000.
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Medicaid is another government health insurance program that will pick up the tab for long-term care if you can gain eligibility. That’s a big if, because there is a $1600 limit on countable assets in the state of Connecticut. There are Medicaid waivers that provide funding for in-home care, and in our state, this benefit is called the Connecticut Home Care Program for Elders (CHCPE).
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No, your home is not considered to be a countable asset. There is an equity limit, but it is much higher than the average home value in Connecticut, so it is not a problem for most people. This may sound like good news, but there is another facet to take into consideration. If you qualify for Medicaid to pay for long-term care, and you are in direct possession of a home, a lien can be placed on the property after your death.
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The answer is yes to the first part, and no to the second part. You can convey the home into an irrevocable trust or simply transfer ownership to a loved one, and it would not count if you apply for Medicaid. However, there is a five-year Medicaid look-back period. If you give away assets with five years of the submission of the application, you will be deemed ineligible. This is the general rule of thumb, but there is a child caregiver exemption. If an adult child has been caring for you and your home for at least two years, you can transfer ownership to the child. The look-back would not be applicable, and the home would be protected from liens during the Medicaid recovery phase.
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