Medi-Cal provides low-cost or free health insurance coverage to eligible low-income individuals and families in California. When determining eligibility for Medi-Cal, the program looks at your assets, including cash, bank accounts, real estate, personal property, and other valuables.
However, not all assets are counted when assessing Medi-Cal eligibility. Some assets are exempt, and you can still own them and qualify for Medi-Cal.
Examples of exempt assets
Some of the assets that are not counted when assessing Medi-Cal eligibility include the following:
- Your primary residence, as long as you, your spouse or a dependent relative lives in the house.
- One motor vehicle
- Household items and some personal effects
- Recreation items and musical instruments
- Life insurance policy of up to $1500
- Personal property or tools used in trade or business
- Prepaid burial plans of up to a certain value
- Livestock, poultry or crops
- Retirement accounts, among others
While the exempt assets will not affect your eligibility, countable assets must be below a specific value. If you are over the limit, you may be required to spend down to meet the required property limit threshold of qualification. Some ways you can do this without incurring a period of ineligibility include settling your medical bills, paying off the home mortgage or making repairs to your home.
Get help with Medi-Cal eligibility issues
Medi-Cal eligibility looks beyond assets. Your income, too, will determine whether you are eligible. It is best to make informed consultations and get proper guidance if you have questions about the process and what you can do in preparation, such as transferring property. Having the correct information could go a long way in protecting your interests.