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Annuity Learning Center

What is an Annuity?

An Annuity is a legal contract between you and an insurance company. You make a single premium payment or periodic payments over a period of time.

You are here: Home Life Insurance What does Medicaid pay?
How do you Qualify for Medicaid California PDF Print E-mail

(MediCal in California) ?

Medicaid is a jointly-funded, federal and state welfare health care program for certain low-income and needy people. It covers approximately 36 million individuals, including children, the aged, blind, and/or disabled, and people who are eligible to receive federally assisted income maintenance payments (welfare).

Medicaid is a welfare program intended for the poor.

In order to qualify for Medicaid you must ...

  • have assets that are 133% below the poverty level (if you are single), or less than $2000.
  • be prepared to have limited choices. Many nursing homes do not accept Medicaid Patients. Assisted Living Facilities do not generally accept Medicaid

What’s more…

  • Legislation in 1997 made it illegal to hide assets in order to qualify for Medicaid, a 60-month look back audit applies.
  • Government recoups Medicaid loss from your estate, with no cap.

Wouldn't you agree that a better question might be: "How do I qualify for Long Term Care Insurance?" Rather than: "How do I qualify for Medicaid?"


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