My blog this week is a quiz. Let’s see how informed everyone is. Have fun.
If you get more than 5 wrong, please be sure to give me a call or sign up for one of my upcoming workshops.
- T F Medi-Cal requires you to spend-down your assets to poverty
level. - T F If someone goes on Medi-Cal, the state will take their home.
- T F Under current rules you must wait at least sixty (60) months
before Medi-Cal will pay for a nursing home. - T F A revocable living trust will not protect assets from estate recovery.
- T F Under new rules, if your home has more than $802,000 in equity you cannot get help from Medi-Cal for nursing home bills.
- T F You can only give away $14,000 and still qualify for Medi-Cal.
- T F You cannot give away any cash assets and qualify for Medi-Cal.
- T F You cannot give away your home after you are in a nursing home.
- T F If you transfer your assets to an annuity, they are protected.
- T F If you are married with more than approximately $120,000 in assets, you cannnot qualify for Medi-Cal.
- T F Any transfers made from a trust can disqualify you from Medi-Cal benefits for 60 months.
- T F You cannot have more than $1,500 of life insurance and be eligible for Medi-Cal.
- T F If you have an IRA, Medi-Cal will make you spend it down.
- T F If you transfer your home, it will make you ineligible for Medi-Cal.
- T F Your home is exempt ONLY if you check on the application that you intend to return home.
- T F A spouse may only keep about $3,000 in monthly income.
- T F Under current rules, if you make a gift, it may make you
ineligible for Medi-Cal for 5 years from the date of the gift. - T F Medi-Cal is a part of Medicare.
- T F Medi-Cal does not help with in-home care.
- T F If you go to a hospital, you will be admitted for care.