In our previous blogs, I discussed at length the ramifications of not being informed about Medi-Cal, the consequences it may have on your family members, and the potential liability you leave open on your estate. Getting old is not an easy thing. Carrying the financial exposure that may come with it can quickly dwindle your life savings, as well as deplete your loved ones’ nest egg. Individuals with a net worth of a million (you read right!) can still qualify for Medi-Cal, you just need to be informed on the techniques available to you as a consumer, but most importantly; you must prepare early! This week, let me go over some of the documents that could assist you in getting qualified that much faster…
1. Bank Statements
Coming from an attorney, what a shocker right? Hardly, the point is you should have in your possession as many as the most recent 30 bank statements at your disposal. Even though many clients complain about the paper digging it implies, the Medi-Cal office would require you to provide them with the same. Therefore, it would be advisable for your counselor to be informed on how to tackle your “excess” assets before a Medi-Cal agent.
2. Any Estate Planning Documents
Having a fully funded, well drafted Revocable Living Trust is primordial for any family. However, when contemplating Medi-Cal, it is also important to determine how your assets are currently held, and whether some re-organization needs to take place in order to help the qualification process
3. Veteran
For everything our men and women of our services sacrifice for our country, providing them additional aid in their old age should be the minimum the government should do on their behalf. And they do, but certainly no one goes out of their way to inform them of such. Therefore, if you have served in any capacity, it is important for you to let it be known; as you could qualify for additional funding not available to the general population.
4. Beneficiaries
Unlike a typical Estate Plan, your immediate beneficiaries can play a big role in the speed at which you can qualify. The intimate bond you have between each one of them can actually be integrated into the plan. After all, who better to trust than the individuals you intend to leave everything to?
Naturally, this is by far not a whole list of what you might need to have in your possession. However, having that information available to you and giving these matters some thought before Medi-Cal qualification will render your life much easier. Because sooner or later, the Medi-Cal office will ask you these same documents, so might as well be prepared!