Medi-Cal Asset Limit Elimination: What Advocates Need to Know - Justice in Aging (2024)

FAQs

Medi-Cal Asset Limit Elimination: What Advocates Need to Know - Justice in Aging? ›

from Justice in Aging

asset information? eligibility for Medi-Cal. For new Medi-Cal applications only, current asset limits are $130,000 for one person and $65,000 for each additional household member, up to 10. Starting on January 1, 2024, Medi-Cal applications will no longer ask for asset information.

How long before applying for Medi-Cal can a person transfer assets? The Medi-Cal "Look-Back" period in California is 30 months.

➢ Do assets affect my eligibility? Starting on January 1, 2024, assets, such as bank accounts, cash, a second vehicle, and homes, will no longer be counted when determining Medi-Cal eligibility. Income and income from assets, such as income from property, will continue to be counted.

Effective Jan. 1, 2024, California Medicaid (Medi-Cal) is completely eliminating the asset limit. This means that all applicants, including those applying for long-term care, will have their financial eligibility determined strictly on income.

Beginning January 1, 2024, a new law in California will provide adults 26 through 49 years of age access to full scope Medi-Cal services and immigration status does not matter. All other Medi-Cal eligibility rules, including income limits, will still apply.

If you apply for Medi-Cal in 2023:

Medi-Cal will consider assets and income information as part of the application process. The current asset limit is $130,000 for one person. Each additional household member adds $65,000 to the asset limit. Up to 10 members can be in a household.

The best way to avoid a recovery claim is to have nothing in the Medi–Cal beneficiary's name at the time of death. The state cannot collect from a life insurance policy or a retirement account if you have named a beneficiary of the policy or account.

In determining eligibility, Medi-Cal divides an individual's assets into two categories: countable assets and exempt assets. Countable assets are those assets that are required for your care, prior to receiving Medi-Cal benefits, and typically include IRA's, and other retirement benefits.

A Medi-Cal Asset Protection Trust is an irrevocable trust specifically created to hold and manage your primary residence and other assets so that you can qualify for Medi-Cal and to prevent the State of California from taking your home and assets from your heirs.

What assets are exempt from Medicaid in California? ›

There no longer is an asset limit. When determining Medi-Cal eligibility for any months prior to 1/1/24, all assets of a married couple are considered jointly owned. This is true regardless of the long-term care Medicaid program for which one is applying and regardless of if one or both spouses are applicants.

The State may make a claim against your estate for the amount of the Medi-Cal benefits paid or the value of the estate, whichever is less. An Estate Planning Attorney who specializes in Medi-Cal Planning can help prevent this from happening.

Starting January 2024, there will no longer be an asset limit for Medi-Cal eligibility. This change has significant implications, as it means that more individuals can now qualify for Medi-Cal and access home care services through the In-Home Supportive Services Program.

Income-based Medi-Cal counts most types of earned and unearned income you have. However, some income is not counted, including Supplemental Security Income (SSI) benefits and some contributions to retirement accounts.

Medi-Cal eligibility is based on the amount of your monthly income and your assets. Even if you own a $700,000 house free and clear of any mortgage you can still qualify for Medi-Cal. Can Medi-Cal take my home after I die?

When applying for CalFresh benefits, applicants are required to provide documentation that verifies their income. This documentation can include pay stubs, employment verification letters, bank statements, or tax returns.

Income-based Medi-Cal counts most types of earned and unearned income you have. However, some income is not counted, including Supplemental Security Income (SSI) benefits and some contributions to retirement accounts. Learn more about what types of income affect income-based Medi-Cal eligibility.

Who is eligible for CalFresh? You have a current bank balance (savings and checking combined) under $3,001 and share your household with one of the following: a person or persons age 60 and over or. a person with a disability (a child, your spouse, a parent, or yourself).

Medi-Cal can't take more than 50% of your settlement.

This can lead to more time in court – and cost you a lot more than simply notifying the DHCS – so you should inform the DHCS as soon as possible if you file a personal injury suit.