Attachment III: Life Agent Disclosure
Requirement (AB2107, Chapter 547) (Continued)
Legislative Counsel's Digest (Continued)
(d) 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 (insert amount of individual's resource allowance) in countable resources.
The Medi-Cal recipient is allowed to keep from his or her monthly income a personal allowance of (insert amount of personal needs allowance) 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 (insert amount of community countable assets).
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 (insert amount of the minimum monthly maintenance needs allowance), whichever is greater.
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