This summer, California will begin rolling out changes to the eligibility rules for Medi-Cal. What does this mean for you? In the not-too-distant future, many more Californians will qualify for Medi-Cal to help pay for nursing home care without having to spend down their assets or do complicated asset transfer planning. Join the conversation as Kirsten and Madison discuss the timing, how you might benefit, and what to watch out for. https://absolutetrustcounsel.com/084-...
Time-stamped Show Notes:
0:00 Introduction
1:43 Kirsten introduces the topic for this episode: Medi-Cal eligibility laws. Current programs have asset restrictions that will be phased out in the next year. How will changes made to these laws change your plans for the future? Tune in now to find out!
2:51 Under the Affordable Care Act, or Obamacare, there is Medicaid. Medi-Cal is the California implementation of Medicaid. Kirsten and Madison explain that it’s important to understand which Medi-Cal program provides your benefits because the requirements vary.
4:31 Start listening now as Madison and Kirsten break down the requirements for the most common type of Medi-Cal they work with, known as the Aged and Disabled Medi-Cal.
5:12 Did you know? If you are married and are looking for in-home nursing, you’re allowed to have an additional $137,400 as of today. But, as of July 1, 2022, this asset limit will bump up. How much? Team ATC has the answer! Tune in to find out!
7:04 Kirsten shares that California plans to roll out further asset restriction releases. The plan is to eliminate asset restrictions at some point following January 1, 2024.
8:15 Will these big changes impact Medicare? How does Medi-Cal differ from Medicare? Here’s what you need to know.
11:26 Madison poses the question to Kirsten: Who will these law changes not affect? People who are receiving Medi-Cal because they are on SSI. SSI is a supplemental income that is provided to people who are disabled and have very low income. If you’re eligible for SSI, you are automatically eligible for Medi-Cal. SSI already has income and asset limits that will not be affected by the changing Medi-Cal laws, so their situations will not change.
14:00 Kirsten segues into the next topic, asking: Are special needs trusts no longer important? Both Kirsten and Madison weigh in on the subject.
14:48 When it comes to Medi-Cal, your income affects many different things. For example, if you were going to inherit money from your parents, that money is something that could be held against you or put you over the threshold for something like Medi-Cal. Kirsten shares that a solution they might come to is putting the money in a special needs trust.
17:30 Did you know? Special needs trusts can replace conservatorships!
18:21 Residents of California who qualify for Medi-Cal should be aware that there is something called “estate recovery,” where Medi-Cal can present a bill to your estate after you die and expect your coverage to be paid back.
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