If you have Medicaid and live in California, your Ability to Keep your Insurance and Build Wealth may get a lot Easier this Summer

Business Insider: If you have Medicaid and live in California, your Ability to Keep your Insurance and Build Wealth may get a lot Easier this Summer, (April 9, 2022)

Medicaid can be a life-saving program for those who receive it, but is notoriously hard to qualify for. Currently, the limit for the total amount of savings that many Medicaid recipients across the U.S. can have at any given time is just $2,000.

However, after July 1, 2022, it will be much easier for many California residents to qualify for Medicaid. The asset limit will be raised from $2,000 to $130,000 (with even higher ceilings for households bigger than one person) for senior citizens, people with disabilities, and a few other special groups. By 2024, the asset limit test will be eliminated entirely.

According to Amber Christ, Directing Attorney of Justice in Aging, this change will help an estimated 18,000 Californians gain access to Medi-Cal for the first time, giving them access to government-funded health insurance.

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