Can I take out a life insurance policy for 25,000 as long as it is a term policy while receiving Medicaid?
I don' t have any life insurance but would like to be able to pay any bills remaining after my death so my family doesn't have to and to leave the remainder to my children and grand children. So is it possible for me to have a term life insurance?
Also, Medicaid is a program for the poor...it is a program people use when they have no assets...so the idea of inheritance is gone once you are on Medicaid. Why should the taxpayers of the united states pay for your care when you have money to leave as an inheritance??
If you had a term life policy when applying for Medicaid you can keep it, as these policies have no cash value.
However if you are already on Medicaid...this means your assets are already being used for your care. How will you pay the premium? You cannot have your medicaid responsibility reduced once you have already been approved.
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Angel
However if you are already on Medicaid...this means your assets are already being used for your care. How will you pay the premium? You cannot have your medicaid responsibility reduced once you have already been approved.
Angel
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