Will I lose my house?

Plan now and save your home from Estate Recovery.

One of the questions we hear most concerning Medi-Cal is, “Will I lose my house?” And, there is  reason to be concerned. 

When you are on Medi-Cal and in a skilled nursing facility, the State of California makes payments up to $6,000 per month to pay for your nursing home care. California eventually wants to be paid back for their contribution, including whatever Medi-Cal paid toward hospital and doctor bills. It does not take very many months of nursing home care before you have accumulated a significant recovery bill.  The State will make a claim.

You may think to yourself, “But, I thought my house was exempt.”  It is exempt for Medi-Cal approval, but the State has a right to make a claim against whatever you own at the time of your death, including your home.  It is very common for a lien to be placed against your home, so when it is eventually sold, the State of California and its estate recovery claim can be made whole.

The question is, “Can the estate recovery claim be prevented?”  The answer is, “Absolutely yes!”  With proper Medi-Cal planning the estate recovery can be avoided.  We have had numerous people who have already been approved for Medi-Cal who then enlist our services just to avoid losing their home or IRA to large estate recovery claims. 

With proper planning, there is no reason to lose assets to the state that you intended to go to your family. There are numerous strategies and estate waivers which can be used to prevent paying anything back.  At Packard Senior Services, our goal is to achieve Medi-Cal approval and preserve all the assets, including estate recovery.

R. Chris Packard and Daniel J. Packard are Investment Advisor Representatives with advisory services offered through Wealth Watch Advisors, LLC, a SEC registered investment adviser. All other services are offered through Packard Senior Services and Packard Advisory Services.  Both Chris and Daniel are insurance licensed with the state of California: #0822251 and #0G73047.  Wealth Watch Advisors, LLC and Packard Senior Services/Packard Advisory Services are not affiliated.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any advisory or other investment services. Investing involves risk and is not guaranteed. No advice may be rendered unless a client service agreement is in place. Be sure to consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.  Any questions call 866-450-0510.

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