Senior citizens have many options when it comes to how they spend their sunset years. The most fortunate travel and pursue hobbies and interests they didn't have time for when they were busy working and raising a family. Those who are less fortunate may have to pinch pennies and find ways to reduce their expenses in order to make ends meet on Social Security. Either way, there are some things these different individuals have in common. They may find themselves in difficult health situations that require Medi-Cal planning Los Angeles residents have referred them to.
Some avoid bringing up the topic of long term care with friends and family preferring to pretend the time won't come at all when they have to make decisions for their health or have decisions made for them because they are no longer in a position to decide for themselves. Others are more pragmatic and realistic. They know unexpected things happen all the time, and want to be prepared for them.
Without advance planning the cost of a good nursing home can quickly rob you of your life savings and leave you with next to nothing. It can also put your well spouse and children in a bad situation. There are federal and state programs to help with the costs associated with long term care if you qualify.
There is a lot of confusion and misconception surrounding state assistance programs. Many believe they have to be poor to be able to take advantage of plans like Medi-Cal. This is not true. It can be almost impossible however to figure out how to navigate the changing rules and regulations however. A lawyer with experience in this field will probably be necessary to make sure you are eligible to receive benefits.
Married couples should be in good shape when they apply. They can keep over a hundred thousand dollars in cash, their current residence and a car and still qualify for benefits. The well spouse can make as much money as he or she wants and the affected spouse's eligibility will not be questioned.
The situation is very different for a single individual. In order to qualify, this person can show about two thousand dollars in cash, have a vehicle, and own a home. A good attorney can find ways for a person in this situation to retain substantial assets and still qualify though.
California changes the rules all the time when it comes to recovering the money it paid out to Medi-Cal recipients. Surviving spouses who retain property in joint tenancy have the right to stay in their homes until they die, but the state can go after the estate once those spouses are dead. Putting assets in heir's names is one way to avoid losing them.
Hopefully you will be healthy and active until the day you die. Advance planning for a different outcome however can make the difference between leaving a financial legacy or dying with very little to pass on to your heirs.
Some avoid bringing up the topic of long term care with friends and family preferring to pretend the time won't come at all when they have to make decisions for their health or have decisions made for them because they are no longer in a position to decide for themselves. Others are more pragmatic and realistic. They know unexpected things happen all the time, and want to be prepared for them.
Without advance planning the cost of a good nursing home can quickly rob you of your life savings and leave you with next to nothing. It can also put your well spouse and children in a bad situation. There are federal and state programs to help with the costs associated with long term care if you qualify.
There is a lot of confusion and misconception surrounding state assistance programs. Many believe they have to be poor to be able to take advantage of plans like Medi-Cal. This is not true. It can be almost impossible however to figure out how to navigate the changing rules and regulations however. A lawyer with experience in this field will probably be necessary to make sure you are eligible to receive benefits.
Married couples should be in good shape when they apply. They can keep over a hundred thousand dollars in cash, their current residence and a car and still qualify for benefits. The well spouse can make as much money as he or she wants and the affected spouse's eligibility will not be questioned.
The situation is very different for a single individual. In order to qualify, this person can show about two thousand dollars in cash, have a vehicle, and own a home. A good attorney can find ways for a person in this situation to retain substantial assets and still qualify though.
California changes the rules all the time when it comes to recovering the money it paid out to Medi-Cal recipients. Surviving spouses who retain property in joint tenancy have the right to stay in their homes until they die, but the state can go after the estate once those spouses are dead. Putting assets in heir's names is one way to avoid losing them.
Hopefully you will be healthy and active until the day you die. Advance planning for a different outcome however can make the difference between leaving a financial legacy or dying with very little to pass on to your heirs.
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To assess your eligibility for medi-cal planning Los Angeles lawyers are the best people to seek advice from. Arrange for a consultation today through http://susanbgeffenlaw.com/medi-cal-planning.
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