Most elderly people will qualify for Medicare coverage as a source of health insurance when they reach the age of 65. This program will certainly be of assistance, but it does not cover everything in full, so you should prepare for out-of-pocket expenses. Medi-Cal is a program that does pay for custodial long-term care, but you cannot qualify if you have too many assets in your own name. Topics covered in this report include: Medi-Cal Eligibility Spending Down … [Read more...] about Free Report: Long-Term Care and Medicaid Planning
Medi-Cal
Should I Use a Revocable or Irrevocable Trust?
When you think about the financial decisions that you have made throughout your life, you recognize the fact that you have had many options. You weigh all of the factors when you make an important financial decision, and you go forward in a fully informed manner. This type of logic should apply to estate planning as well. Each family is different, and everyone is in a different financial situation. There are many different approaches that can be taken, and you should be fully apprised of all of … [Read more...] about Should I Use a Revocable or Irrevocable Trust?
Californians Can Take Advantage of Added Nursing Home Asset Protection
Nursing home asset protection is a very big deal when you understand all of the facts. It would be natural to assume that Medicare will pay for nursing home care if you ever need it, but in reality, the program does not pay for custodial. The Medicare program will often cover rehabilitative care after release from a hospital following an injury or illness, but it will not pay for custodial care. Paying out-of-pocket is really not a sensible option for most people, because long-term care costs … [Read more...] about Californians Can Take Advantage of Added Nursing Home Asset Protection
Medi-Cal and Long-Term Care: A Primer
You should understand the basics when it comes to Medi-Cal and long-term care. Many aging persons will require living assistance at some point in time, and Medicare will not pay for help with your activities of daily living. Nursing homes and assisted living communities are extremely expensive, and in-home care givers are also costly. Medi-Cal does pay for long-term care, and it is the solution for many Californians. In this post, we will provide some basic information about the Medi-Cal … [Read more...] about Medi-Cal and Long-Term Care: A Primer
Free Report: California Medi-Cal Planning: What Can the Healthy Spouse Keep?
If you need living assistance, this is considered to be custodial care. Medicare will pay for up to 100 days of convalescent care after surgery, but it will not pick up the tab for custodial care. Topics covered in this report include: The Medi-Cal Solution Rights of Healthy Spouse Click here to read the whole article or download the PDF. … [Read more...] about Free Report: California Medi-Cal Planning: What Can the Healthy Spouse Keep?
Is There a Medi-cal Asset Limit in Northern California
Is There a Medi-cal Asset Limit in Northern California from Timothy Murphy This is a health insurance program that is jointly administered by the federal government along with each state government. Learn more about medi-cal asset limit in Northern California in this presentation. … [Read more...] about Is There a Medi-cal Asset Limit in Northern California
Medi-Cal Long Term Care Primer- Part 4 of 4
An important, but frequently overlooked, aspect in Medi-Cal long term care (LTC) benefit planning is Medi-Cal Estate Recovery. The Medi-Cal laws requre that the state pursue recovery from a Medi-Cal LTC beneficiary's estate following death for the benefits obtained during his or her lifetime. These benefits have often been accruing at thousands of dollars a month. In cases of extended periods of care, recovery claims can be hundreds of thousands of dollars. In situations involving a … [Read more...] about Medi-Cal Long Term Care Primer- Part 4 of 4
Medi-Cal Long Term Care Primer – Part 3 of 4
The second planning consideration for Medi-Cal Long Term Care Benefits (LTC) is called share of cost. Once Medi-Cal LTC eligibility is established (See Part II), attention turns to share of cost. It is the co-pay requirement of Medi-Cal LTC. Typically, a Medi-Cal LTC beneficiary must contribute their monthly income towards the cost of his or her care. This usually includes Social Security, pensions, investment and rental income, among others. Certain deductions are allowed, e.g., health … [Read more...] about Medi-Cal Long Term Care Primer – Part 3 of 4
Medi-Cal Long Term Care Primer – Part 2 of 4
In this blog, we will address how eligibility for Medi-Cal long term care (LTC) benefits is established. Eligibility is essentially an asset test. For eligibility purposes, assets fall within one of three categories: countable (non-exempt), not countable (exempt) and unavailable (countable, but not counted). To be eligible for Medi-Cal LTC, an individual applicant's countable assets must be below $2,000. If the applicant is married, in 2015, the spouse can have another $119,220 of countable … [Read more...] about Medi-Cal Long Term Care Primer – Part 2 of 4
Medi-Cal Long Term Care Primer – Part 1 of 4
Many persons are confused about the Medi-Cal Long Term Care benefits program. This is perfectly understandable. Medi-Cal is a complex public benefits program that is a joint venture of the federal, state and county governments. There are state and federal statutes, state and federal regulations, less formal rules and procedures and, add to that, the rules change from time to time and vary from county to county and sometimes among workers within a county. An additional concern in these … [Read more...] about Medi-Cal Long Term Care Primer – Part 1 of 4
