Are you worried that you will end up spending all of your savings on nursing home care? Yes, nursing home care does cost A LOT of money. And a high number of us will eventually be in a nursing home at some point. But it is possible, with proper planning, to become eligible for Medi-Cal if you are not already.
In this episode, we will discuss long-term care for disabled people over 65. We will break down what Medi-Cal is and how it differs from Medicare. We will also talk about how to become eligible and dispel some common myths and misconceptions regarding how Medi-Cal works.
Big Three from Episode #027:
- Medi-Cal and Medicare are not the same things
- A lot of times, people are already eligible
- It’s important to see what your options are in terms of long-term care insurance
Time-stamped Show Notes:
1:55–What is Medi-Cal?
2:58–This is the difference between Medicare and Medi-Cal
6:56–Here’s how you become eligible for Medi-Cal
8:34–What assets can you have to qualify for Medi-Cal?
13:21–Kirsten highlights a common misconception on exempt assets
16:35–What should you do if you have too much income?
Episode #027 Freebie:
Wonder what type of assets you’re allowed to have to be eligible for Medi-Cal? Click here to download our FREE resource, Medi-Cal Resource Limits for Nursing Home Care–it lists all the exempt assets you can have.
Have you or a loved one recently discovered that you have Alzheimer’s disease or another degenerative illness, causing you to worry that the cost of long-term care will quickly exceed your savings? Or are you concerned about placing a burden on your children if you run out of money to pay your long-term care expenses? Or maybe you are already living in a nursing home and your family is in a panic about what will happen if the money runs out. In all of these situations and many more, Medi-Cal may provide the long-term care financing solution you are seeking. Our e-book, Medi-Cal Planning from Start to Finish, together with our expert team, can help you explore your long-term care alternatives and secure the care you need for as long as you need it without depleting your savings or passing the burden onto your loved ones. Download this valuable resource today!
Resources/Tools/Links Mentioned in This Episode:
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If you’re someone who needs to include Medi-Cal planning in your estate plan, we can help. For more information on what Medi-Cal planning should look like, visit https://absolutetrustcounsel.com/practice-areas/medi-cal-planning/ for even more resources to help get you started.