Is Medi-Cal Only for the Poor?

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Category: Education
     
 

Presentation Description

"Many people who were never poor ultimately rely on Medi-Cal to help with their long-term care costs. Learn how it is possible to position your assets with future Medi-Cal eligibility in mind in this presentation. "

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Presentation Transcript

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IS MEDI-CAL ONLY FOR THE POOR?

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HEALTH INSURANCE SAFETY NET

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Medi-Cal is a health insurance program that is jointly run by the federal government and the California state government

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It is theoretically a safety net that is only available to people with significant financial need

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MEDICARE

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MEDICARE is a health insurance program for seniors

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It is not need-based

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You earn coverage as you pay taxes over the years

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Most elders don't need Medi -Cal coverage at first because they have Medicare

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LONG-TERM CARE

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The majority of Americans will eventually need help with their day-to-day needs

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UNFORTUNATELY , Medicare does not pay for long-term care

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A stay in a nursing home or assisted living community is very expensive

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INHERITANCES LOST

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The average stay in a nursing home in Northern California could cost around $200,000

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Depending on the extent of your resources, you could spend everything that you have saved paying for long-term care

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There would be nothing left to leave to your loved ones

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MEDI-CAL PAYS FOR LONG-TERM CARE

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Though Medicare will not pay for long-term care, MEDI-CAL WILL ASSIST WITH THESE EXPENSES

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Many people who were never poor ultimately rely on Medi -Cal to help with their long-term care costs

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HOW CAN THIS BE?

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It is possible to position your assets with future Medi -Cal eligibility in mind

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If you plan ahead effectively, you may be able to qualify for the program while retaining a maximum store of resources

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San Jose California Medi -Cal Planning Consultation

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If you would like to discuss Medi -Cal planning with an elder care specialist, contact our firm to schedule a free consultation

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Click to visit: www.attorneyoffice.com

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