There was a major law update regarding Medi-Cal qualification requirements beginning on July 1, 2022. Prior to this date, a person could only have $2,000.00 of countable assets in his or her name in order to qualify for Medi-Cal benefits. However, starting on July 1, 2022, that asset limit is now $130,000 of countable assets, with an additional $65,000 for each additional householder member. Further, as of January 1, 2024, the asset test is supposed to be eliminated entirely.
Currently, these assets are not countable in California –a primary residence, personal effects, one automobile, certain life insurance and annuity policies, prepaid burial, property used in trade or business, and work-related plans (IRAs, 401Ks, etc.).
For example, if you live with a spouse and child, you could have a house, a car, a retirement plan, and up to $260,000 in cash and qualify for Medi-Cal benefits. As baby boomers continue to age and as dementia becomes a more common and pressing public concern, these updated asset limits will allow many more Californians to qualify for long-term care benefits through Medi-Cal.
For additional information, please visit this link
