Aging in place signifies the ability of seniors to live in their own homes for as long as possible. It’s a practice that’s quickly gaining popularity, and for good reason. Moreover, Medicaid Home and Community-Based Services (HCBS) waivers are making this possibility a reality for more seniors.
Firstly, let’s delve into why aging in place has become an attractive choice for many seniors.
No Disruption
Comfort and familiarity lie at the heart of aging in place. Seniors can enjoy their golden years in a home they love, surrounded by memories and close to their community. This sense of familiarity can also aid cognitive health, providing a continuity that can help reduce stress and anxiety.
Independence
Independence is another key benefit. Seniors who age in place retain control over their daily routines, meal choices, and activities, fostering a sense of autonomy. This independence not only boosts their morale but also contributes to overall well-being.
Affordable
Moreover, aging in place can be more cost-effective than assisted living or nursing home options. Keeping the costs down while maintaining a high quality of life is an attractive prospect for many seniors and their families.
Medicare?
However, as beneficial as aging in place may be, it often requires additional support, especially for seniors needing assistance with daily activities. Unfortunately, Medicare does not cover long-term custodial care. Here’s where the Medicaid HCBS waiver can enter the picture because Medicaid will pay for the care.
Financial Support
Medicaid HCBS waivers are designed to help seniors and disabled individuals receive care in their homes or community rather than in institutions. They cover a broad range of services like personal care assistance, homemaker services, respite care, and even minor modifications to the home for accessibility.
Through HCBS waivers, seniors can access help for daily tasks such as bathing, dressing, meal preparation, and medication management. By having a professional caregiver to assist with these tasks, seniors can continue to live at home safely and comfortably.
The financial relief these waivers provide is significant. The cost of in-home care can add up, but with an HCBS waiver, eligible seniors can get the support they need without the burden of substantial out-of-pocket expenses.
Even more so, the HCBS waiver extends its benefits to family caregivers too. Often, family members become the primary caregivers, a role that can be physically and emotionally demanding. Respite care, one of the services covered by the waiver, gives family caregivers a much-needed break, ensuring they can rest and rejuvenate.
Medicaid Planning
Aging in place with a Medicaid waiver to cover in-home care costs can provide the ideal solution to provide a comfortable life as you preserve your legacy. However, it takes careful planning to qualify for the HCBS waiver without losing anything in the process.
You cannot qualify if you have more than $2,000 in countable assets, but there are steps that you can take to position your assets wisely with Medicaid eligibility in mind. This is an area of specialization for our firm.
Schedule a Consultation!
If you would like to work with an Oklahoma City elder law attorney to develop a plan for aging, we are standing by to assist you. You can send us a message to request a consultation appointment, and we can be reached by phone at 405-843-6100.
We also have an office in Tulsa, and if you are in that area, the number is 918-615-2700.
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.