Qualifying for Medi-Cal benefits and long-term care may seem intimidating at first, but the process is easier than it might appear. Applicants only need to pass a two-prong test that involves assets and income. Let’s take a closer look at the assets portion of the process.
To qualify for Medi-Cal nursing home benefits, a single applicant must have less than $2,000 in countable assets. The applicant’s spouse, however, may keep up to $126,4200.00 in countable assets. Medi-Cal does consider certain assets to be "exempt" from the above requirements and our team at Elder Law of California will assess each individual situation and provide the best plan of action to qualify our clients.
Generally, "non-exempt" or countable assets are viewed as anything readily available to help fund a person’s medical care. This includes property such as:
✔ Checking and savings accounts
✔ Certificates of deposits
✔ Stocks and bonds
✔ Mutual Funds
✔ Real property other than your home
✔ Promissory notes
When a person is ready to begin the application process our attorneys will help protect, transfer, convert or liquefy assets in order to put our clients in the best position to qualify for long-term care Medi-Cal benefits.
What are exempt assets?
A home is generally viewed as an exempt asset and therefore not counted in determining long-term care Medi-Cal eligibility. A Medi-Cal applicant must show that the home in question is their principal residence and also state an intent to return to the home when healthy. Mobile homes, houseboats, or an entire multi-unit dwelling (as long as any portion serves as the principal residence of the applicant) are all considered to be exempt assets in the Medi-Cal qualification process.
Visit Elder Law for a Free Consultation Today!
When you are ready to begin the process of applying for long-term Medi-Cal benefits, speak with our team of expert attorneys who specialize in qualifying applicants. We are ready to walk you through the process of planning for the future and help put your mind at easy. Give us a call at (800) 403-6078 to receive a FREE consultation today! We look forward to working with you.