To one extent or another, most elders are going to be relying on Social Security and Medicare. We all pay into the programs, so we certainly have a right to benefit from them during our senior years.
But at the same time, you have to understand what to expect from these programs, and not assume that your future is solidified because of the fact that you will be eligible.
With regard to Social Security, statements are sent out periodically that should give you an idea of how much your benefit is going to be when you become eligible. If you find that you need a boost, you could delay your application until you are as old as 70 to increase your benefit amount.
Another thing to take into consideration is the fact that Medicare does not cover everything. There are some out-of-pocket expenses, and Medicare does not pay for long-term care which is extremely expensive.
Medicaid (Medi-Cal in California) will pay for long-term care, but there is an upper resource limit of just $2,000. However, it is possible to take steps in advance to qualify for Medi-Cal in spite of this limit because of the fact that many of your personal possessions are not considered to be countable toward this figure.
Coordinating your benefits can be complicated, and you must have a thorough understanding of program rules to take full advantage of the possibilities.
The best way to proceed is to engage the assistance of an experienced and highly qualified Campbell CA elder law attorney when you are planning for the future. Your lawyer will evaluate your unique circumstances, gain an understanding of your goals, and guide you accordingly.
If you are interested in learning more about Medi-Cal Planning, our office offers free Medi-Cal Planning Workshops. For more information on these workshops, follow this link: Medi-Cal Planning Workshops.
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