Is Medi-Cal Only For the Poor?
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Transcript of Is Medi-Cal Only For the Poor?
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IS MEDI-CAL ONLY FOR THE POOR?
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HEALTH INSURANCE SAFETY NET
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Medi-Cal is a health insurance program that is jointly run by the
federal government and the California state government
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It is theoretically a safety net that is only available to people with significant financial need
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MEDICARE
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MEDICARE is a health insurance program
for seniors
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It is not need-based
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You earn coverage as you pay taxes over the years
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Most elders don't need Medi-Cal coverage at first because they have
Medicare
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LONG-TERM CARE
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The majority of Americans will eventually
need help with theirday-to-day needs
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UNFORTUNATELY, Medicare does not pay for long-term care
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A stay in a nursing home or assisted living community
is very expensive
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INHERITANCES LOST
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The average stay in a nursing home in Northern
California could cost around $200,000
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Depending on the extent of your resources, you could spend
everything that you have saved paying for long-term care
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There would be nothing left to leave to your loved ones
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MEDI-CAL PAYS FOR LONG-TERM CARE
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Though Medicare will not pay for long-term care, MEDI-CAL WILL
ASSIST WITH THESE EXPENSES
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Many people who were never poor ultimately rely on Medi-Cal to help
with their long-term care costs
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HOW CAN THIS BE?
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It is possible to position your assets with future Medi-Cal eligibility in mind
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If you plan ahead effectively, you may be able to qualify for the program while retaining a maximum store of resources
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If you would like to discuss Medi-Cal planning with an elder care specialist, contact our firm to
schedule a free consultation