Don't wait until you or your loved one is already in a nursing home, now is the time to plan. The California Department of Healthcare Services is drafting regulations that, if implemented, would make it more difficult to shelter you assets from the cost of long term care.
One of the proposed regulations would extend a 30 month look back period to 60 months. Another regulation would be to take away “concurrent" gifting, which would make avoiding the look-back period nearly impossible.
These regulations would take away some of the best and most frequently used Medi-cal planning options we use for your clients.
That is why you need to start planning as soon as possible. The earlier you begin planning, the more likely you are to shelter assets.
Watch this short video to learn how we can customize a plan that fits your specific needs.
There are 3 different ways to pay for nursing home care.
The first is long-term care insurance. Long term care insurance generally covers a portion of the nursing home bill for a limited period of time.
The second way most people pay for nursing home care is to pay out of pocket until they run out of money. We call this spend down. This leads people to the third and final method of nursing home payment: which is qualifying for Medi-Cal.
Most people think that you have to exhaust every dollar in order to qualify for these benefits. But, this is simply not true. While Medi-Cal eligibility requirements vary based on your individual situation, there are strategies that can help you shelter your assets from Medi-Cal spend down.
Watch this short video to learn how we can help you preserve your assets.
Medi-Cal is an insurance program jointly financed by the state of California and the federal government to cover nursing home care costs and other long-term care expenses for seniors.
Medi-Cal qualification is an important tool when it comes to protecting your estate and your legacy for the next generation. However, it is only one step in a larger and more complex long-term care plan.
There are 3 phases of our process:
Number one: The Income Planning Process. We will help you reduce or eliminate a Medi-Cal beneficiary’s monthly co-payment (also known as “share of cost”);
Number two: The Asset Eligibility Process. We provide assistance with the reallocation of non-exempt assets. Turning them into to exempt assets will allow you to then qualify for Medi-Cal benefits.
And Number three: the process of defeating Medi-Cal Estate Recovery and preserving the family home. Our firm can implement a plan that will reduce or completely eliminate Medi-Cal estate recovery and protect your beneficiary.
If you want to qualify for Medi-Cal without first spending down your life savings, we can help.
Watch this short video to learn what our team can do for you.
Nursing homes provide a valuable service for individuals who cannot adequately care for themselves. However, this type of care can be very expensive.
Here in California the average cost of a private room in a nursing home ranges from 84,000 to 120,000 dollars per year.
Many individuals mistakenly believe that Medicare will cover their nursing home stay. Unfortunately, Medicare is not structured to pay for long-term care. On the other hand, Medi-Cal, a federal insurance program in California for low-income individuals will cover nursing home care, but you may not be able to qualify until you have exhausted nearly all of your savings and investments.
While hiding assets from the government is not an option, you can legally shelter assets and avoid using them to pay for the high cost of a nursing home. Whether a nursing home is needed now, next month, or in a few years, our firm can help.
Watch this short video to learn how we can implement a long-term care asset protection plan that is right for you and your family.
It’s a particularly unpleasant aspect of aging, but the reality is a vast majority of us will need long-term care services at some point in our lives.
With nursing home costs hovering around seven to ten thousand dollars a month, you may wonder how you will ever be able to afford long-term care.
This is why Medi-Cal Planning is so important. Medi-Cal is a supplemental program designed to help with the cost of long term care. Proper planning will allow individuals to protect their assets from the high cost of nursing homes. However, there are certain Medi-Cal eligibility requirements that need tobe met first.
Most people think that you have to exhaust every dollar in order to qualify, but with the proper planning you can shelter your assets from nursing home expenses.
Watch this short video to learn more about our extensive experience with the Medi-Cal application process