LEARN WHAT IS A CALIFORNIA’S MEDICAID PROGRAM, QUALIFICATIONS FOR MEDI-CAL, AND WHAT IS THE MOST BENEFICIAL FOR YOU..
What is California’s Medical Program?
Although many people are acquainted with Medicare, a government health insurance program available to individuals aged 65 and above, Medi-Cal, which is the name of California’s Medicaid program, is not as widely understood. As a program jointly funded by the federal and state governments, Medi-Cal offers medical assistance to seniors aged 65 or older, disabled individuals, or those who are blind. It is worth noting that Medi-Cal, in contrast to Medicare, has certain income and asset limitations that must be met in order to qualify for benefits.
What are the Qualifications for Medi-cal?
Medi-Cal qualification depends on an applicant’s income and available resources, and while it’s a common belief that one must be impoverished to be eligible, this isn’t necessarily the case. Through careful planning, it’s possible for middle-class individuals to qualify for Medi-Cal before they become financially depleted from the high cost of nursing home care, which can range from $8,000 to $10,000 per month. Since the majority of Californians cannot afford long-term care expenses out of pocket, Medi-Cal becomes the go-to option for many. Planning ahead can increase one’s chances of being able to utilize Medi-Cal benefits when the time comes.
What are the Benefits of Planning for Medi-Cal?
- Assets in a revocable living trust are not protected and must be used to pay for the costs of long term care
- If you transfer your home to your children, not only could it result in immediate ineligibility for Medi-Cal, but it could also:
- Trigger a gift tax
- Result in your child’s wife or husband inheriting your home
- Giving your assets away means losing control. It’s not safe even if you trust someone
- If that person divorces, goes bankrupt, or gets sued, all the money you transferred is at risk
- There are asset protection trusts that permit you to keep 100% control of your assets without the risk of losing them if long-term care is needed
- You do not have to wait 36 months to qualify for Medi-Cal
- It is never too late to protect your assets even if you are already in a nursing home
- A nursing home or hospital has no obligation to advise you how to protect your assets
- Applying for Medi-Cal prior to qualification could result in being disqualified or result in penalties
- Consider long-term care insurance. An annual premium for a couple is usually less expensive than one month of nursing home care and with proper planning; it may also enable you to stay home if you become ill
How much will Medi-cal cost?
The impact that long term care costs can have on you and your family can no longer be ignored. Over 60% of individuals over the age 65 will spend some time in a nursing home. Consequently, many people will be forced with using the entire savings to cover the costs of long term care. The Medicaid (Medi-Cal), program is our country’s largest health and long term care insurer, covering 1 in 6 Americans.
Medicaid (Medi-Cal) planning is 100% legal and ethical. Our firm uses the Medi-Cal rules to put our clients in the best possible position, much like an attorney or CPA would use the IRS code to their clients best advantage. Without proper planning you could end up without any financial resources and very few care options to afford your care long term.
To maximize and review all your care options call us at 415-905-0215. Soon you will also be able to register for for my next Free workshop. Forms will be posted to this website for registration once a workshop has been scheduled.