Some people are of the belief that if they give away an amount equal to the current $15,000 annual gift tax exclusion amount, that this gift will be exempted from Medi-Cal’s 30 month look back penalty period. This notion is incorrect.
Tag Archives: Medi-Cal Qualification Guidelines
Exercise: Keep your strength up. Walk every day if you can, and add more steps all the time. If your legs are strong and your balance is good, you are less likely to fall.
IRAs, 401k’s and other “qualified accounts” are exempt. The applicant however must be taking RMD’s or some amount of principal and interest on a periodic basis.
You can also have access to the funds, like a line of credit, that you can draw on when needed.
The state will want to know about all assets of both spouses, including savings, cash, stocks, etc. In addition, the cash surrender value of whole life insurance of the ill spouse cannot exceed $1,500.
Another red flag for elder abuse that we have seen is the sudden advent of relatives or old friends, who have not been seen for years, who are now expressing great concern and interest in “helping” the older person.