On 8/21/23, Joshua Rae (nursinghometrusts.org) replied to a question from tidalblue. Her situation (older spouse) is similar to mine and his response was very valuable. My question for Joshua: would your response be the same if it were applied to Medical in California? My understanding is that there are some differences between Medical and Medicaid. Thank you.
https://www.agingcare.com/questions/im-joshua-rae-author-of-how-to-protect-your-life-savings-from-nursing-homes-and-founding-member-of-n-483128.htm
Right now: 130K ASSETS for individuals & 195K couples
Jan 1, 2024, will be Income only & NO ASSET MAXIMUM.
Read that again, INCOME ONLY….. NO ASSET MAX starting 2024.
A sea change for how to approach the oncoming tsunami of boomers needing & filing for CA Medicaid programs. Just Frickin’ Amazing. So if you are worried about asset limits, forgetabtit.
Still will have income ceiling & income copay requirements to the facility - just as exists now & for all other States as they do their LTC Medicaid programs. MERP aka Medicaid estate recovery will still exist as a required after death attempt required to be done.
But from healthcare planning perspective, (what I did last millennium), this is a sea change of an approach as to how to deal with a huge current and future problem. Medi-Cal income limits still remain tied to family poverty level (@ 138% FPL) which is what most States use. FPL as baseline provides for uniformity & flexibility as I bet CA will opt to do adjustment by HCOL or county to use MAGI plus 5-8 points for FPL. Plus way less paperwork for Medi-cal staffers. Income gets verified from outside sources (PARIS matching) so $ flat surfaces & fraud found. For elderly & their family & POA in CA, it removes the forced / fear factor to have to sell a house or buy something right now under duress. It’s amazing. Lucky you!!!
Do realize that by applying for LTC Medicaid program with a lookback, whether it’s Medi-Cal in California or Husky in Connecticut or TennCare in Tennessee, you allow for a full all-access pass to anything tied to your and your spouse SS#. Property, pensions, IRS, SSA, banking, LLCs, financial institutions, etc. caseworker can get access for a look back concern if need be. And you won’t necessarily be notified that this has happened.