Is it a problem to cash in a life insurance policy to help pay for nursing home expenses knowing that in 6 months it will be gone and we'll need to apply for Medicaid?

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K

Kannie Asked July 2018

Is it a problem to cash in a life insurance policy to help pay for nursing home expenses knowing that in 6 months it will be gone and we'll need to apply for Medicaid?

Medicaid

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score 1 · Answer 1

My dad was highly advised to do exactly that to help my mom become Medicaid eligible. He used the money to become debt free and it sped up the Medicaid process

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score 1 · Answer 2

No. Medicaid will require you to do this before becoming eligible anyway. Just keep records of how the funds were spent.

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Is it a problem to cash in a life insurance policy to help pay for nursing home expenses knowing that in 6 months it will be gone and we'll need to apply for Medicaid?

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