All assets in the name of the Medi-Cal applicant are reported when qualifying for Medi-Cal. The home is reported, but can usually be confirmed as an exempt asset for qualification. So- called Qualified assets such as IRA’s are reported, but are but are also usually confirmed as exempt for qualification. The applicant can then not have more than $2,000 in non-exempt assets in his or her name.
If the applicant’s name is on an account with another person, Medi-Cal will count the entire amount as being in the name of the applicant. For instance, if you maintain a joint bank account in the amount of $15,000 with your mother in order to avoid probate when you die, and your mother applies for Medi-Cal, the $15,000 will be counted as belonging to your mother. Your mother would be ineligible for Medi-Cal because she cannot have more than $2,000 of non-exempt assets in her name.
This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. At the Law Offices of Michael J. Young, at 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA www.WalnutCreekElderLaw, 925-256-0298, lawyoung1@gmail.com we practice Elder Law and we help Baby Boomers, Seniors and families through their Elder Care Journey. We help families with long-term care planning, asset-protection plans, comprehensive estate planning, wills, trusts and powers of attorney. We also help Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.