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?
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?
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
In this final installment, we will focus on additional VA benefits planning strategies. One effective strategy is commonly referred to as "spend down", which simply means to use otherwise countable liquid assets to purchase needed items such as vehicles, medical equipment, etc. The treatment of tax-deferred accounts poses special problems. While the annuitization approach may work in certain circumstances, in others, it may be better to liquidate the account and include it in a spend down … [Read more...] about Veterans Benefits: A Primer – Part 7 of 7
As noted in the previous Part, many person who initially contact our office relating to VA benefit eligibility do not immediately qualify for them. In most cases it is because they have too many assets that the VA would count in ascertaining their availability. However, despite the recent restrictions imposed by the VA on eligibility standards, there are effective and legal strategies that can be employed to reduce one's net worth for VA eligibility purposes. One note of caution: There … [Read more...] about Veterans Benefit: A Primer – Part 6 of 7
The type and level of assistance a senior may need can vary greatly. Some seniors only need help around the house a few times a week while others require around the clock medical care and monitoring. For seniors who need more extensive care, the options are an assisted living facility or nursing home care. Not only is assisted living a more attractive option, it is usually the more economical option as well. If you are relying on Medi-Cal to cover the cost of care though, will it pay for … [Read more...] about Will California Medi-Cal Cover the Cost of an Assisted Living Facility?
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. In fact, you may find yourself subject to a lengthy waiting or "look back" period during which Medi-Cal will not cover any of your health care … [Read more...] about What Does It Mean If Medi-Cal Imposes a “Waiting” Period?
If your estate plan does not include a Medi-Cal planning component, it probably should. Like many people, you may have never before needed to turn to Medicaid (Medi-Cal in California) for help with your healthcare expenses – but that could change when you are older. Because you may eventually need to rely on Medicaid, let's see what you need to know about Medi-Cal You May Need Medi-Cal Even If You Are Covered under Medicare. At age 65, you will likely be automatically enrolled in Medicare. … [Read more...] about What You Need to Know about Medi-Cal
Like many seniors, you may find yourself faced with the need to qualify for Medicaid for the first time in your life. Having never before needed to rely on Medi-Cal (California's Medicaid program), you may know very little about the program. To get you started,we will explains what you need to know about Medicaid. Long-Term Care Costs Prompt the Need to Qualify for Medicaid. You are not alone! As of 2020, the average cost of a year in long-term care (LTC) in California is over $112,000. … [Read more...] about What You Need to Know about Medi-Cal
You may have heard that many seniors turn to Medi-Cal for help covering their health care expenses. You may also know about the asset limit used to determine eligibility for Medi-Cal. If you believe that your assets exceed the limit, you may be wondering why you can’t simply transfer those assets to an adult child. In this article, we will explain why transferring assets can cause Medi-Cal to impose a waiting period. Will You Need to Qualify for Medi-Cal? If you have never before needed to … [Read more...] about Can’t I Just Transfer My Assets to My Adult Child to Qualify for Medi-Cal?