Medicaid provides health coverage to millions of Americans. Read on to learn about whether you are eligible for Medicaid, how to plan ahead, and how an experienced attorney can help you.
Am Eligible for Medicaid in California?
In order to qualify for Medicaid in California, you must be a resident of the state, a U.S. national, citizen, permanent resident, or legal alien that is in need of healthcare/insurance help. Your financial situation must be characterized as either low income or very low income. You must also fall under one of the following categories:
- Pregnant
- Be responsible for a child 21 years of age or younger
- Blind
- Have a disability or a family member in your household with a disability
- Be 65 years of age or older
Do I Have to Plan Ahead for Medicaid?
As stated above, you must be eligible to receive Medicaid. When determining whether or not a person qualifies for Medicaid, their asset history will be looked into. As a result, it is important to start planning for your eligibility in advance. In doing so, be sure to establish a clear picture of your financial situation. This allows you to maintain your funds for future planning. Failing to prepare this properly can result in legal repercussions, such as certain fines.
Can I Restructure Assets to Get Coverage?
When preparing your estate, it is possible to restructure your assets in a way that helps you receive Medicaid coverage. This can be done through the following options:
- Gift certain assets to family members or loved ones
- Create irrevocable trusts
- Transfer the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
- Pay off debts and mortgages
- Make repairs to your home
- Prepay for your funeral expenses
Everyone has a different financial situation so it is in your best interests to consult an attorney who can help you determine the right plan for your individual needs.
Estate planning can be stressful. That is why you need the right attorney on your side. Our firm is here to walk you through the process every step of the way and help you and your loved ones feel secure and prepared for the future.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
