Trying to navigate the many facets of caring for my aging father who has partial paralysis from a brain stem stroke and lives in a skilled nursing facility in Louisiana.
There is much discussion that 'Term life insurance' is not considered an asset on the medicaid eligibility side of things. BUT, I cannot find any information on what happens to term life that is paid to his beneficiaries after his death. Is the term life insurance paid out to his kids (us) taken to recover the Medicaid costs after his death?
We are trying to determine if we (the kids) should continue to pay the monthly fee for the term life insurance plan or not.
Thank you so much for any feedback.