We are going to look at some out-of-pocket Medicare costs for 2023 in this post, but we will start with a brief explanation of the eligibility requirements. That’s right, every senior citizen does not automatically qualify for Medicare coverage. When you pay payroll or self-employment taxes, you earn retirement credits that lead to eligibility for Medicare and Social Security. The maximum annual accrual is four credits, and you need 40 credits to qualify for these benefits. In 2023, you earn … [Read more...] about An Overview of 2023 Medicare Premiums, Co-Insurance, and Deductibles
How to Protect the Proceeds of the Sale of the Home for Medi-Cal Eligibility Purposes (VIDEO)
Medi-Cal is the California implementation of the Federal Medi-Cal Program. In this vlog, Attorney Justin M. Kennedy discusses how to protect the proceeds of the sale of a home for Medi-Cal eligibility purposes. Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning Attorneys. If you would like to learn more about the importance of estate planning, we invite you to attend one of our free estate planning webinars. … [Read more...] about How to Protect the Proceeds of the Sale of the Home for Medi-Cal Eligibility Purposes (VIDEO)
Medi-Cal Updates Key Figures for 2020
If you are going to qualify for Medicare when you reach the age of 65, and you will have resources when you retire, you may never consider the relevance of Medi-Cal. After all, this is a government health insurance program for financially needy individuals and families. This line of thinking is understandable, but Medi-Cal may in fact be quite important, because this program will pay for long-term care. Since Medicare is a health insurance program that is designed to address the health care … [Read more...] about Medi-Cal Updates Key Figures for 2020
Medi-Cal and Crowdfunding – Why Crowdfunding May Cost You Medi-Cal Eligibility
by Magdalena A. LaBranch-Gonzales Litherland, Kennedy & Associates, APC, Attorneys at Law Crowdfunding or fundraising websites, such as Kickstarter, YouCaring, and GoFundMe[i], are quickly becoming a popular source for donations where ordinary people may raise money from others for anything from new inventions to helping a neighbor or family member in need. Over time, crowdfunding has morphed into a platform to request finances for anything. The most significant increase may be the … [Read more...] about Medi-Cal and Crowdfunding – Why Crowdfunding May Cost You Medi-Cal Eligibility
Good News for those interested in Medi-Cal Eligibility who have 529 Education Accounts
by Justin M. Kennedy Litherland, Kennedy & Associates, APC, Attorneys at Law Effective January 1, 2019 the principal and interest of 529 education accounts (college savings plans) are exempt assets for Medi-Cal eligibility purposes (AB 1785). Let’s look at an example: Ten years ago, Margaret set up 529 education accounts for each of her four grandchildren and each year Margaret deposited $5,000 per grandchild into the 529 education accounts. Currently, these 529 education accounts … [Read more...] about Good News for those interested in Medi-Cal Eligibility who have 529 Education Accounts
Medi-Cal and Disaster Payments
by Justin M. Kennedy Litherland, Kennedy & Associates, APC, Attorneys at Law What if a fire or other natural disaster hit your home or a loved one’s home? Could this result in Medi-Cal disqualification? Let’s discuss. The home of the Medi-Cal recipient is an exempt asset, meaning the recipient may keep their home while receiving Medi-Cal. If the home is sold, the proceeds from the sale could result in Medi-Cal disqualification. But what if that home rather than being sold, … [Read more...] about Medi-Cal and Disaster Payments
Medi-Cal Planning and the Family Home
by Justin M. Kennedy, Attorney at Law Litherland, Kennedy & Associates, APC, Attorneys at Law Recently I met with Dorothy and her only daughter Linda. Dorothy was recently hospitalized and may require skilled nursing care in the near future and they were concerned with how they would pay for that level of care. Our office has found that in Santa Clara County a skilled nursing facility costs approximately $8,000 to $16,000 a month. Dorothy has a family home valued at $1,200,000 but $100,000 … [Read more...] about Medi-Cal Planning and the Family Home
Elder Law Today: Medi-Cal and the Deficit Reduction Act
by Justin M. Kennedy, Attorney at Law Litherland, Kennedy & Associates, APC, Attorneys at Law Recently I have worked with many clients who have expressed concerns about when California will implement the Deficit Reduction Act of 2005 (DRA). The DRA was signed into Federal law on February 8, 2006. The Federal government then told the individual states to update their Medi-Cal laws to conform with the DRA. Currently California has not yet implemented the changes that would bring Medi-Cal … [Read more...] about Elder Law Today: Medi-Cal and the Deficit Reduction Act
What Questions Should I Ask an Elder Care Attorney?
Elder care attorneys counsel people who are making preparations for their senior years. There are various different elder law issues on the table at the present time, and long-term care costs are at the top of the list. To read this report on elder care questions, follow this link: What Questions Should I Ask an Elder Care Attorney? … [Read more...] about What Questions Should I Ask an Elder Care Attorney?
What is Division of Assets? (An Elder Law Today Blog)
Division of Assets is the name commonly used for the Spousal Impoverishment provisions of the Medicare Catastrophic Act of 1988. It applies only to married couples. The intent of the law was to change the eligibility requirements for Medi-Cal in situations where one spouse needs nursing home care while the other spouse remains in the community (i.e. at home or in an assisted living facility). The law, in effect, recognizes that it makes little sense to impoverish both spouses when only one needs … [Read more...] about What is Division of Assets? (An Elder Law Today Blog)
