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Is There a Medi-cal Asset Limit in San Jose California?

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Medicare is a government health insurance program most people will qualify for Medicare coverage when they reach the age of 65. Learn more about medicare in san jose california in this presentation

Published in: Law
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Is There a Medi-cal Asset Limit in San Jose California?

  1. 1. 1 IS TERE A EDI-CAL ASSET LIMIT?
  2. 2. LIMITATIONS OF MEDICARE
  3. 3. Medicare is a government health insurance program
  4. 4. Most people will qualify for Medicare coverage when they reach the age of65
  5. 5. This coverage will certainly help, but there are limitations to consider
  6. 6. LONG-TERM CARE
  7. 7. There are out-of-pocket expenses that you must contend with, even it you have Medicare coverage
  8. 8. In addition to this, there is a huge gap
  9. 9. Medicare does not pay for long-term care
  10. 10. This is relevant to all of us, because most seniors will need living assistance eventually
  11. 11. MEDI-CAL SOLUTION
  12. 12. Medi-Cal is California's version of the Medicaid program
  13. 13. This program will pay for long-term care if you can qualify
  14. 14. Z; {f; {‘‘> FIT Li M iii
  15. 15. I x 1. Medi-Cal is a program that is only available to people who can demonstrate significant financial need __
  16. 16. There is an asset limit of $2,000 for individual applicants
  17. 17. COUNTABLE ASSETS
  18. 18. EVERYTHING that you own does not count when Medicaid is tallying your assets
  19. 19. Your home does not count, but there is an $814,000 equity limit in 2014
  20. 20. Personal effects and household items do not count
  21. 21. One vehicle is allowed, and you can maintain possession of your wedding and engagement rings and your heirloom jewelry
  22. 22. SPENDING DOWN
  23. 23. ,, ‘I 2 ‘:1 I ; People sometimes giaset to their , ..-*5 children so that they can qualify for Medi- Cal
  24. 24. This is called a Medi-Cal spend down
  25. 25. However, your eligibility is delayed if you give away assets within 30 months of applying
  26. 26. Because of this lool<—back period, it takes careful planning to qualify for Medi-Cal at the ideal time
  27. 27. FREE MEDI-CAL PLANNING CONSULTATION
  28. 28. Medi-Cal is very important for a significant percentage of senior citizens
  29. 29. Learn More About Medi-Cal planning in California
  30. 30. *4 I «Eb? . ,, . ~ , ‘ . ' >. g , . . .I ' , /'i 5/: _ fagiflr I / A I W . ‘VI’ 5‘ A 1/ I ,7/, , , L: , . K. 5 - .1 ' » E, , . , / — ‘V’ If you would like to discuss Medi-Cal planning with an elder care attorney, contact our firm to schedule a free consultation
  31. 31. COIII Click to visit: www. attorney0ffic.

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