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.
If you are married, you and your spouse can currently retain ownership of your home and have over one hundred thousand dollars in cash and still qualify for state benefits. The unaffected spouse can make an unlimited amount of money each month, and the affected spouse will still be able to get financial consideration.
There are different rules for single people. These individuals have fewer options and can only show a few thousand dollars in cash, a vehicle and a residence as assets. Single applicants who have more assets will need the services of a good attorney to help them around the requirements.
California very much wants to recover as much of the money it paid out for the affected 'long term care as possible. Once that person dies, the state can go after remaining assets unless you have the foresight to put those assets in someone else's name. As long as the well spouse is alive and property is owned in joint tenancy, the state can't do much. Once that persons dies as well, California can go after the estate to repay the cost outlay.
The last of life can be challenging, and planning early is key. You have options and rights that can be put in place if you are realistic and do your homework.
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.
If you are married, you and your spouse can currently retain ownership of your home and have over one hundred thousand dollars in cash and still qualify for state benefits. The unaffected spouse can make an unlimited amount of money each month, and the affected spouse will still be able to get financial consideration.
There are different rules for single people. These individuals have fewer options and can only show a few thousand dollars in cash, a vehicle and a residence as assets. Single applicants who have more assets will need the services of a good attorney to help them around the requirements.
California very much wants to recover as much of the money it paid out for the affected 'long term care as possible. Once that person dies, the state can go after remaining assets unless you have the foresight to put those assets in someone else's name. As long as the well spouse is alive and property is owned in joint tenancy, the state can't do much. Once that persons dies as well, California can go after the estate to repay the cost outlay.
The last of life can be challenging, and planning early is key. You have options and rights that can be put in place if you are realistic and do your homework.
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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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