SENIORS AND MEDI-CAL

02/21/2012

 
One of the greatest fears of seniors is that they may end up in a nursing home. This not only signals a loss of independence and good health, but also a tremendous financial burden. Most seniors end up paying for the nursing home care until their savings run out. Medicare covers up to 100 days only of “skilled nursing” and generally, based on many factors, Medicare will pay an average of 20 days only.

Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate, whether for your spouse, your children, or some other loved one. Medi-Cal is a program funded by the State of California and the Federal government. Medi-Cal provides health insurance coverage to low and middle income seniors. Medi-Cal has become the largest provider for nursing home care.

With careful planning you can transfer assets without a penalty. Do you need an attorney for even simple Medi-Cal planning? In most cases the prudent answer is “yes”. Of course, this depends on your situation. Medi-Cal strategy may include trusts, transfers of assets, purchases of annuities, gift stacking, or increasing the income and resource allowance for the healthy spouse. Careful planning will allow a person the benefit of nursing home care if needed, as well as the right to leave an inheritance to your loved ones. Call (626) 798-9999 or visit us at www.kathyhaolawoffices.com