Category: Health Insurance

Long Term Care

4/26/2014

Consider the following:

Think about your health and your family history. Could you live a long life with conditions that may make it hard for you to care for yourself if needed?
Are family members who could provide the daily assistance you may need likely to be living with you?

If so, how might caring for you disrupt their professional and personal lives? And how might you feel about being dependent on them?
If not, will you have the financial resources to pay care costs and maintain a comfortable lifestyle?

Get the facts about protecting yourself over the long term by downloading the FREE long-term care GUIDEBOOK from Genworth by clicking HERE.
Call 949-248-3112 for more information and a quote

Medi-Cal Clawback or Penalty?

Question: My daughter is 26 and thinks that she will make about $17,000 in 2014 so if she gets coverage through covered California and then she does not make $16,000 (meaning she is not eligible for premium assistance and is then eligible for Medical) in 2014 will there be any penalty or will she have to pay back any of the premium assistance?

Answer: Actually, the answer to this question is that there is NO claw back. The law sets the schedule (with the $300 max) but the regulations have a special exception written in for people who retrospectively would have qualified for Medicaid — called, appropriately, the “Special rule for taxpayers with household income below 100 percent of the Federal poverty line for the taxable year.”

You can find that here - in paragraph 6: http://www.law.cornell.edu/cfr/text/26/1.36B-2

Essentially it says that if the person’s income was estimated to be between 100 and 400 percent of the FPL “at the time of enrollment” — and the taxpayer would be eligible for a subsidy but for their income falling below 100% FPL - then the taxpayer is treated as eligible and their credit is determined in accordance with their actual year end income (paragraph 7)

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Long Term Care

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