Medi-Cal has a strict set of rules and regulations when qualifying for long-term care benefits. The program typically attracts the elderly, who may not necessarily be needy, but do not want to cripple their savings accounts and assets paying for overly expensive long-term care from a nursing home or other facility.
Medi-Cal, however, will pay for those cost of people who qualify. Yet the assistance program requires an applicant to have less than $2000 in countable assets—which do not include, a home, vehicle, jewelry and other personal property that are considered exempt for Medi-Cal planning purposes. The biggest question for people who do have more than $2000 in assets is how to qualify for Medi-Cal without suffering any penalties?
Can I gift away property?
While technically you can gift away property, Medi-Cal will look back 30 months’ into a person’s financials and any gifts or transfer of assets will result in an ineligibility period for the applicant. Penalties for any legal transfers of assets can range from one month to 30 (or more) depending on the situation. The key for creating a smooth transition into Medi-Cal is to consult with an experienced elder law attorney, and have them help you make those transfers while staying within the specific details and rules of the Medi-Cal system and by pass any penalties.
Call For a FREE Consultation Today!
When you are ready to find out more about the Medi-Cal planning process and start qualifying for long-term care benefits, give our expert attorneys a call at (800) 403-6078 for a FREE consultation today. We’ll walk you through the process and put a specific plan of action in play that meets your needs and wants for long-term care. We look forward to working with you.