Both of my parents are on Medicaid and have small life insurance policies. The beneficiary on both policies is the surviving spouse followed by myself. Will the surviving spouse lose their Medicaid eligibility due the insurance proceeds?
Both of my parents are in a nursing home with dementia and both have a small life insurance policy. Both are on Medicaid. The first beneficiary on both policies is the surviving spouse followed by myself. Hypothetical scenario: if parent A dies, parent B will receive the proceeds from the life insurance which is $10,000. Will parent B lose their Medicaid eligibility due to the $10,000 insurance proceeds? If so, is there some way I can prevent this from happening as their power of attorney?