Did You Know?
"Medi-Cal Safe Annuities"
Annuities are not always the best option for seniors
when doing an estate plan for long term care. Often estate planning terms
like Medi-Cal Safe annuities are used when working
with seniors, or seniors are told that annuities will protect their life
savings from going to the cost of long term care.
If you or someone you know is considering buying an annuity
for the sole purpose of Medi-Cal estate planning, its probably not
a good idea unless you know what assets are counted under Medi-Cal in
the first place and what assets will be subject to am estate claim.
CANHR has a number of resources to assist families with
the Medi-Cal process. Some of these resources include: free fact sheets on exempt and non-exempt resources, your Home and Medi-Cal,
and IRAs, Pensions & Annuities under Medi-Cal. We also sell a Medi-Cal
training video and publish a Consumers Guide to Financial
Considerations and Medi-Cal Eligibility, just to name a few.
An excellent resource for information on annuities is an
article published by H.E.L.P. (Healthcare and Elder Law Program). You
can download the article at help4srs.org
or call CANHR for a copy.