Placing a loved one in a nursing home is difficult enough without having to worry about the tremendous expense involved with it. Oftentimes, these costs are significant enough to deplete most, if not all, of the assets of the individual. When a nursing home is the only option, the extra expense has to be met somehow. So what can you do to keep these expense down? It is tempting to allow the nursing home staff to attend to your loved one’s every needs. But this is the same as employing a … [Read more...] about How To Manage Long Term Care Costs
Medi-Cal
Confronting Medi-Cal Myths
When it comes to Medi-Cal planning, there’s a lot of misinformation that circulates. Here are a few common myths we have heard: Medicare will cover my nursing home expenses, so I don’t need to worry about Medi-Cal. This is not true – - Medicare only covers very few, limited long term care expenses. So, unless you have long-term care insurance or can afford to pay for your care out-of-pocket, you’ll need to find out about Medi-Cal and other public benefits. In order to qualify for … [Read more...] about Confronting Medi-Cal Myths
Can Medi-Cal Take My House after I Die?
Many seniors qualify for Medi-Cal to help cover the high cost of long-term care (LTC). If you are one of those who currently relies on Medi-Cal, you may be concerned about the ramifications of relying on Medi-Cal. In fact, you may have heard stories about Medi-Cal taking assets after the death of a program beneficiary. Let's look at what assets Medi-Cal seek to recover after you are gone. Qualifying for Medi-Cal Medi-Cal is the name given to California’s Medicaid program. For most seniors, … [Read more...] about Can Medi-Cal Take My House after I Die?
How Does the Medi-Cal Waiting Period Work?
Many seniors enter their retirement years knowing little about Medi-Cal, California’s Medicaid program, because they were covered by employer-sponsored or privately funded health insurance throughout their working years. That lack of knowledge can be problematic – and costly – if you are one of those seniors and you now need to qualify for Medi-Cal, California’s Medicaid program. In fact, you may find yourself subject to a lengthy waiting period during which Medi-Cal will not cover any of your … [Read more...] about How Does the Medi-Cal Waiting Period Work?
Medi-Cal Planning — Start Now
As we age, the cost of medical care almost universally increases. Even in good health, we simply need more care as a rule. If our health is not good, medical care can cost a small fortune. If you, or a loved one, requires nursing home care, the monthly cost can easily exceed $10,000. This often leaves people between the proverbial rock and a hard place. If you have a multi-million dollar estate then you may be able to pay for costs such as this out of pocket. If you are living below the poverty … [Read more...] about Medi-Cal Planning — Start Now
Help with Healthcare Costs — Medicaid (aka Medi-Cal) and Medicare
If you have an elderly loved one who is living on a fixed income, and also has regular monthly medical expenses, those expenses may be adding up quickly. If your loved one is lucky enough to have private healthcare coverage, then he or she is better off than many elderly Americans. Unfortunately, many of America’s elderly struggle with both the rising cost of healthcare and the increased need for medical services as a result of the natural aging process. Two government programs--Medicaid (called … [Read more...] about Help with Healthcare Costs — Medicaid (aka Medi-Cal) and Medicare
How to Apply for Medi-Cal in California
There may come a time when you need help paying for health care expenses that are not covered by Medicare. Fortunately, Medi-Cal may be able to help. Medi-Cal is the name of California’s Medicaid program. Here's an overview how to apply for Medicaid (Medi-Cal) in California. Will You Qualify for Medi-Cal? Medicaid (referred to as “Medi-Cal” in California) is intended to help low-income families, pregnant women, children, the disabled and the aged with healthcare costs. Because Medicaid is … [Read more...] about How to Apply for Medi-Cal in California
What Is Medi-Cal Spend-Down?
While you may prefer not to think about it, the reality is that you, or a spouse, may need long-term care at some point in the future. If you do end up needing long-term care (LTC) you may find yourself turning to Medicaid (known as Medi-Cal in California) for help covering the cost of that care. Because you may need to qualify for Medi-Cal, and the eligibility guidelines are complex, LTC expenses are something that should be addressed within your comprehensive estate plan to ensure that you … [Read more...] about What Is Medi-Cal Spend-Down?
Is It Too Late for Medi-Cal Planning?
Ideally, you already incorporated Medi-Cal planning into your estate plan years ago so that you will be eligible for Medi-Cal (California’s Medicaid program) when you need it. What happens though if you did not plan ahead and now suddenly need to qualify for Medi-Cal? Let's explore how last-minute Medi-Cal planning may still be able to help you. Why Might I Need to Qualify for Medi-Cal? Have you reached a point at which you need of the type of care that can only be provided by a nursing … [Read more...] about Is It Too Late for Medi-Cal Planning?
Medi-Cal Planning Tips
In order to qualify for Medi- Cal Long Term Care benefits, you as an applicant must fall below certain income and asset thresholds. However, not all your assets are taken into account when it comes to determining whether you meet the requirements. Countable vs. Non-Countable When you submit an application for Medi-Cal Long Term Care benefits, your assets fall into two categories: countable and non-countable. Only your countable assets are part of the equation for determining whether … [Read more...] about Medi-Cal Planning Tips
