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Do You Have to Impoverish Yourself to Qualify for Medi-Cal?

July 28, 2015Elder Law

Do You Have to Impoverish Yourself to Qualify for Medi-Cal?Why would you want to qualify for Medi-Cal if you are going to be eligible for Medicare coverage when you reach the age of 65? This is a very good question, and you should certainly be aware of the answer when you are creating a plan for long-term care.

Living Assistance

The United States Department of Health and Human Services tells us that most senior citizens will someday need living assistance. This is a likelihood, not a remote possibility. In fact, the figure stands at 70 percent.

Paying out-of-pocket is not a comfortable option for most people, because nursing homes are extremely expensive. Here in Southern California, a year in a quality nursing home can easily cost you over $100,000, and people often require care for multiple years.

Now that we have established the fact that most people will need long-term care, and it is very expensive, we can look at Medi-Cal and Medicare. The Medicare program will help with your health care costs if you qualify, but Medicare does not pay for long-term care at all. Medi-Cal does pay for nursing home care, and this is why you may want to qualify for Medi-Cal at some point in time, even if you are enrolled in the Medicare program.

Impoverishment

When you consider what it would take to qualify for Medi-Cal, you may assume that you have to impoverish yourself, because Medi-Cal is a need-based program. While it is true that there is a $2000 limit on countable assets, if you take the right steps in advance, impoverishment can be avoided.

First off, some assets that you own are not considered to be countable. Your home is not a countable asset, and there is no equity limit in California. Personal effects and household belongings are not counted, and you can retain ownership of one vehicle. Your wedding ring and your engagement ring would not be counted, and if you have heirloom jewelry, it would not be counted either.

Plus, if your spouse is remaining at home as you enter a long-term care facility, he or she can keep half of the shared countable assets, but there is a limit of $119,220 in 2015.

When it comes to countable assets, you could give resources to your children or other relatives before you apply for Medi-Cal, but you have to complete your gift giving at least 30 months before you apply if you want to obtain immediate coverage.

As you can see, it is possible to qualify for Medi-Cal without completely impoverishing yourself and your family.

Medi-Cal Planning Report

To learn more about how you may be able to qualify for Medi-Cal without losing a great deal in the process, download our special report. The report is free, and you can access your copy here: Los Angeles Medi-Cal Planning.

To Schedule a Free Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney:  www.collinslawgroup.com/seminars/

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Caprice Collins

Caprice Collins

Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins

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Testimonials

Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

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