Attachment III: Life Agent Disclosure
Requirement (AB2107, Chapter 547) (Continued)
Life Agent Financial Products Disclosure
A life agent who offers for sale or sells any financial product on the basis of its treatment under the Medi-Cal program shall provide, in writing, the following disclosure to the elder or the elder's agent:
NOTICE REGARDING STANDARDS FOR MEDI-CAL ELIGIBILITY
If you or your spouse are considering purchasing a financial product
based on its treatment under the Medi-Cal program, read this important message!
You or your spouse do not have to use up all of your savings before
applying for Medi-Cal.
UNMARRIED RESIDENT
An unmarried resident may be eligible for Medi-Cal benefits if he or she
has less than $2,000 in countable resources.
The Medi-Cal recipient is allowed to keep from his or her monthly
income a personal allowance of $35 plus the amount of any health insurance
premiums paid. The remainder of the monthly income is paid to the nursing
facility as a monthly share of cost.
MARRIED RESIDENT
Community Spouse Resource Allowance: If one spouse
lives in a nursing facility, and the other spouse does not live in a facility, the
Medi-Cal program will pay some or all of the nursing facility costs as long as the
couple together does not have more than $92,760 + $2,000 (for 2004).
Minimum Monthly Maintenance Needs Allowance: If a
spouse is eligible for Medi-Cal payment of nursing facility costs, the spouse
living at home is allowed to keep a monthly income of at least his or her
individual monthly income or $2319 (for 2004), whichever is greater.
Back to Top |
Next
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.
