My mother went into a nursing home and we are in the process of applying for Medicaid. We provided copies to of everything that Medicaid required. One of those items was a copy of the face page both of their life insurance policies, and a copy of the beneficiary page - which, lists each other as beneficiary.
My dad told me today that he went to the insurance company and changed the beneficiary on his policy to me. Is that allowed? He is not the one applying for Medicaid, but, we did provide copies of the paperwork for mom's application.
One thing in the maze that is medicaid that I did NOT expect was the annual renewal. Came as a total surprise and the multi page renewal form with a stack of suppprting documentation due back to state within 14 days. I had put everything into storage....it was a fun weekend. But one of the questions asked was if any changed done to life insurance policies and if so to provide a copy of the change. It’s gonna surface and be noticed and be an issue.
So it’s gonna have to be dealt with either now or later. Your call.