Managing assets totaling $20 million, Chaddock Fiduciary Services, LLC, is based in Morgan Hill, California. One of the services of Chaddock Fiduciary is strategic consulting on public benefits.
In California, one important facet of public benefits planning centers on Medi-Cal. The state’s version of Medicaid, Medi-Cal helps qualifying people cover medical care costs. Administered by the Department of Health Care Services, Medi-Cal is relied upon by many elderly people who receive long-term skilled nursing home care and in-home care.
A complex formula determines Medi-Cal eligibility. The formula includes the applicant’s asset and income level, with the individual allowed nonexempt assets totaling only $2,000.
The applicant’s residence is not counted, as long as the applicant intends to move back home at some point. Transferring assets prior to application is a delicate process that must be undertaken within strict guidelines.
Income above the “Minimum Monthly Maintenance Needs Allowance” (MMMNA) is considered “Share of Cost” and must go toward health care. Another aspect of the equation is whether money spent by Medi-Cal on skilled nursing care and other benefits needs to be paid back after the recipient passes.
The primary risk is that a lien will be placed on the recipient’s residence with an aim of paying back money that was provided by Medi-Cal. Engaging with an experienced attorney and fiduciary professional is essential in such situations.
In California, one important facet of public benefits planning centers on Medi-Cal. The state’s version of Medicaid, Medi-Cal helps qualifying people cover medical care costs. Administered by the Department of Health Care Services, Medi-Cal is relied upon by many elderly people who receive long-term skilled nursing home care and in-home care.
A complex formula determines Medi-Cal eligibility. The formula includes the applicant’s asset and income level, with the individual allowed nonexempt assets totaling only $2,000.
The applicant’s residence is not counted, as long as the applicant intends to move back home at some point. Transferring assets prior to application is a delicate process that must be undertaken within strict guidelines.
Income above the “Minimum Monthly Maintenance Needs Allowance” (MMMNA) is considered “Share of Cost” and must go toward health care. Another aspect of the equation is whether money spent by Medi-Cal on skilled nursing care and other benefits needs to be paid back after the recipient passes.
The primary risk is that a lien will be placed on the recipient’s residence with an aim of paying back money that was provided by Medi-Cal. Engaging with an experienced attorney and fiduciary professional is essential in such situations.