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Care Agreement Elderly

Written By: Chris - Sep• 13•21

The calculation of lump sum payments (including wealth) must take into account the life expectancy of the dependent person. Suppose a senior is 80 years old and has a life expectancy of 7 years. This means that compensation must be calculated for 7 years. If the person is compensated $15/hour for 10 hours/week, this equates to $150/week. Multiply $150/week by 52 weeks, which equates to $7800, and then multiply that at 7 years. The final amount is $54,600 and is a reasonable and fair amount for the care provided. A caregiver is a person who is paid to care for another person, usually an elderly person or a person with special needs. A caregiver is paid to provide daily care such as transportation, meal preparation, household chores, and other needs of the individual. The caregiver usually follows a weekly schedule, either defined in the agreement or set by the parties. No, it is not necessary to hire a lawyer to establish a personal care agreement, but in some situations, it is highly recommended to seek advice and guidance from a professional Medicaid planner.

This is especially true when the patient plans to seek long-term treatment from Medicaid in the future. If a personalized care agreement is not established correctly, a Medicaid applicant may, without knowing it, violate the Medicaid retrospective and be sanctioned by a medicaid non-authorization period. Medicaid experts are familiar with the specific rules applicable to personal care agreements in the state where you reside and can help ensure that the contract is Medicaid compliant. For people considering a lump sum payment, it becomes even more important to seek professional advice, as the risk is higher that the payment will look like a gift, in violation of the Medicaid retrospective. Find a professional Medicaid planner here. As difficult as it may be, the family should negotiate a financial agreement. Is room and food sufficient for a caregiver or is cash payment also required? Will the family pay for the caregiver`s health insurance? What about a break for the siblings mom brings home? What can other siblings do? According to a report by the AARP Public Policy Institute and the National Alliance for Caregiving (NAC), the previous year, more than 34 million Americans served as informal (unpaid) tutors for 50+ year olds. Often, it is adult children who care for their aging parents, whether it`s minimal support for daily activities due to natural aging or more extensive care resulting from the progression of Alzheimer`s disease or associated dementia. As care needs intensify, it is not uncommon for informal caregivers to resign to provide the required level of care.

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