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 line, then you may easily qualify for Medi-Cal, California’s Medicaid program. For anyone in between these two extremes–which is the majority of us–paying for the cost of medical care can be a serious concern. This is where Medi-Cal planning comes into the picture.
The Medi-Cal program does have income limits and asset limits that govern acceptance into the program; however, there are numerous legal planning strategies that can be used to both protect your estate assets and get you qualified for the Medi-Cal program. Starting early is your best course of action, but there are steps that can be taken if you put off planning until faced with an emergency situation.
Sit down with an experienced and qualified elder law planning attorney today and ask about your Medi-Cal planning options. Make sure that you understand how the program works and what you and your attorney can do to help ensure that you and/or your spouse will qualify for the program as you reach your golden years.