An annuity is a fixed sum of money paid to an individual every year for a specific period of time. If your annuity is considered Medi-Cal compliant that means it qualifies as a special type of annuity that will not put your Medicaid eligibility at risk. In many cases, a Medi-Cal compliant annuity is known as a Single Premium Immediate Annuity (SPIA), which can be converted so that it pays out over the annuitant’s life expectancy. Great caution must be used when considering whether or not to … [Read more...] about How does using an annuity help with Medi-Cal planning?
Won’t my health insurance cover the cost of long-term care?
Regrettably, far too many people misjudge the real cost of long-term care, which is typically rather expensive. The average annual rate of long-term care in California is more than $90,000. Add to that the likelihood that nearly half of the California citizens age 65 and older need long-term care for approximately five years. That can be overwhelming enough. Yet, there is a common misconception that Medicare and private health insurance will be sufficient to cover the costs of long-term … [Read more...] about Won’t my health insurance cover the cost of long-term care?
Why would I need Medi-Cal if I’m healthy?
Far too often, people overlook the fact that illness is not the only reason you may need long-term care. For instance, if you suffered a terrible injury following an automobile accident, there is certainly a possibility that you will need long-term care in order to fully recover from that injury. In many cases, loved ones are admitted to nursing homes because of the need for daily assistance with activities such as dressing and grooming, simply as a result of aging. … [Read more...] about Why would I need Medi-Cal if I’m healthy?
Can I qualify as Medically Needy?
If you are aged, blind, or disabled, but your income is too high for other Medi-Cal programs, you may be eligible for Aged, Blind, and Disabled – Medically Needy Medi-Cal. For this program, you may need to “spend down” a certain amount of your own money before Medi-Cal begins to pay for medical services. This payment is called a share of cost. … [Read more...] about Can I qualify as Medically Needy?
What are the eligibility requirements for Medi-Cal?
If your family has income at or below 138% of the Federal Poverty Level, you may be eligible for Income-Based Medi-Cal. If you are aged or disabled, you may be eligible for Aged & Disabled Federal Poverty Level Medi-Cal. If you are disabled and working, you may be eligible for California’s Working Disabled Program. … [Read more...] about What are the eligibility requirements for Medi-Cal?
How does Medi-Cal work for California residents?
Medicaid, or Medi-Cal as it is known in California, is largely an income-based health care assistance program. Federal, state and local tax funds are used to aid eligible individuals with paying their medical expenses. Generally, Medi-Cal recipients are only required to pay a small co-payment for covered medical expenses, if anything at all. Medi-Cal will typically pay for some in-home services, but only if a physician certifies that home care services are actually needed for specified medical … [Read more...] about How does Medi-Cal work for California residents?
What is Medi-Cal?
Medi-Cal is basically a benefits program for which you can qualify in a few different ways. These are referred to as eligibility categories. For instance, SSI-Linked Medi-Cal is an eligibility category which allows individuals who qualify for SSI to automatically qualify for Medi-Cal benefits. There are more than 90 eligibility categories, each with its own rules and requirements. Once you meet the requirements of any eligibility category, you are considered eligible for either full or … [Read more...] about What is Medi-Cal?
What are the benefits of using a trust for incapacity?
Incapacity can be the result of an accident or illness. It may also be temporary or permanent. Regardless of the type or cause of your incapacity, a living trust can allow you to plan for the possibility by identifying someone to manage your finances and medical care through an established trust. Trusts also allow your private affairs to remain private, unlike conservatorship or probate proceedings at the courthouse, which are matters of public record. … [Read more...] about What are the benefits of using a trust for incapacity?
How important is it to fund a trust?
If you create a living trust-based estate plan, after your trust has been created, there is one more very important additional step. All of the property or assets that you intend to be controlled by the trust must actually be re-titled into the name of trust. This is known as funding the trust. In most cases it simply means changing the ownership of that property from you to the trust. The specific method of funding your trust depends on the type of assets you are including in your … [Read more...] about How important is it to fund a trust?
When do I need to update my will or trust?
After your will has been created, your estate planning is not necessarily complete. With a will or trust, it is just as important to keep it updated. If your assets grow or shrink, you get married, divorced, have a child, or one of your heirs dies, it is very likely that you will need to change the terms of your will or trust. A will or trust can be modified at any time during your lifetime provided you are still mentally competent. … [Read more...] about When do I need to update my will or trust?
