According to the latest statistics, almost 17% of the adult population in the country provides unpaid care to an adult over the age of 50. Over three-quarters of these caregivers are women who spend on average the same number of hours a week providing care as people typically spend at a full-time job. Many of these caregivers are also caring for their own children and/or have a regular job. What many caregivers do not know is that the Medicaid program provides services such as home health aides for those who require long-term care at home. With proper planning, a person can achieve Medicaid eligibility relatively quickly (since there is currently no look-back period for home care Medicaid) without having to spend down a lifetime of savings or lose all income.
Here are some more eye-opening statistics about caregiving in the United States:
- The number of people providing care for 5 years or longer.has increased from 24% in 2015 to 28% in 2020. 11% of care recipients will need assistance for more than 10 years.
- 89% of caregivers are related to their care recipients either by blood or marriage.
- 44% of caregivers are 49 and younger. 56% of caregivers are over 50. The highest percentage of caregivers (36%) are between 50 and 64 years old.
- Over 70% of caregivers under 65 are employed, and have to juggle caregiving with a regular job.
- 22% of caregivers reported using all their short-term savings and 12% went through all their long-term savings while taking care of elderly parents at home.
Caring for a loved one can be stressful and expensive, but there are steps that can be taken to provide relief and assist with the costs of long-term care without requiring the caretaker to lose wages or work opportunities. Applying for Medicaid home care services may provide a loved one with the care they need without spending a lifetime of savings or losing the family residence.
Everyone’s financial and living situation is different and that is why it is important to consult with an experienced Elder Law attorney to determine what the right plan is for you or your loved one. We can help determine if a Medicaid application may be the right next step. At Makofsky Law Group, P.C. we are here to help with all of your estate and disability planning and future needs. We are only an email or phone call away!
The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.