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• How much does Medicaid pay for home health care?
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Transcript:
Today's question is Which Medicaid program allows the sick and elderly to hire family members as caregivers. Now, of course, this only pertains to forward up, that's the only state in which I cover but there is a Medicaid program that will help pay a family member to take care of a disabled or elderly loved one that is commonly referred to as the Medicaid waiver program. Sometimes it's also called home and community based services, Medicaid as well in Florida. And the way a family caregiver can get paid is with one of two ways. The first is referred to as a personal service contract. And I'll link to a video that talks more about that. But essentially, what it is, is it's a useful, it's a useful strategy, when someone already has assets, meaning a, someone who wants to apply for Medicaid has assets in their name that they want to get rid of, without having to go broke, they want to they want to protect what they have. And Medicaid, as you may or may not know, does not allow gifting within five years. So this technique is called a personal services contract. And you could utilize it anytime before you apply for Medicaid. And the idea is, you set up this contract with a family caregiver, anyone other than a spouse, it can be a child, it can be a neighbor, it can be a cousin, whoever anybody cannot be the Medicaid applicants spouse. But essentially, we would calculate the lifetime value from the time the contract is signed moving forward of the services that are being provided by the caregiver for the eventual Medicaid applicant, and it can be more than one caregiver. And once we calculate that fair market value, that amount of money, the full value of the contract can be transferred from the Medicaid applicants name to the caregiver in one lump sum. Medicaid does not look at that as a gift if it's structured properly, and if it's fair. Alright, so that's one way of doing it right. It's someone who has assets that they need to get out of their name before they apply for Medicaid, because we know that Medicaid only allows you to have $2,000 for the Medicaid waiver program. And Florida only allows you to have $2,000 to your name. So that is one tool. The The second is more applicable, when you have someone who's already done whatever they need to do to get assets out of their name. After they have been approved for the Medicaid waiver program. There is an option called PDO, which stands for the participant directed option I'll link to an article I wrote that talks more about PDO as well. But essentially, once you're on Medicaid, right, you're you're on Medicaid because your income is below the income cap. And if it's if your income exceeds the income cap, you're utilizing a qualified income trust, and your assets are already below $2,000 without having gifted assets away in the last five years, but once you meet the financial criteria, once you've passed the weightless once you're on the program, you have a choice, you can you can hire a homecare agency that contracts with your Medicaid Care Organization, the managed care organization, or you can choose to hire a loved one. And what's interesting is that with this program, you can hire a spouse, in addition to a child or a friend or a cousin or really anybody else, the only restriction with the PDO program is the person you hide or take care of you are of the Medicaid, our Medicaid recipient has to take care of them must be legally able to work in the United States. And they have to pass a level two background check, they'll be fingerprinted and go through a screening process. At that point in time, they will get they can enroll in the PTO program and they will be paid for the number of hours that the Medicaid care or if the managed care organization has approved right if been approved for 20 hours, the caregiver will be able to submit up to 20 hours per week, and I'm making that number up. Could be 40 hours could be 60 hours....
