W
Wingsandfairies Asked May 2019
My dad has a life insurance policy with a cash value of $23,000. Can Medicaid make him take the cash value?
Follow
Share
And my mom is the beneficiary. He has recently been admitted to a nursing home and we applied for Medicaid for him. My mom will be living at their home. Can Medicaid make him take the cash value on that or can Medicaid try to recover any monies from that life insurance policy after my dad passes instead of the death benefit going to her?
This question has been closed for answers. Ask a New Question.
1 Answer
JoAnn29 May 2019
If there is cash value, it will have to be cashed in. You could use the money to set up a prepaid funeral. Talk to Medicaid. Mom will be the Community spouse so rules ate a little different.
Helpful Answer (1)
Report
This question has been closed for answers. Ask a New Question.
Popular Questions
Related Questions
- If ownership of a life insurance policy was transferred from a parent to a child, MORE than 5 years ago, can Medicaid force surrender of it?
- Whole life policy and Medicaid; when my husband dies can any of the life insurance go toward a funeral?
- Any experience with a Life Insurance Policy and qualifying for Medicaid?
- Does the state or the surviving spouse keep remaining funds of the whole life insurance payment after spouse's death expenses are paid?
Ask a Question