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Snowplowman Asked April 2015
Does Medicaid count an insurance policy (face value $1000) owned by me on her as an asset?
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Live in MI a guardian for handicapped sister. Auguring with caseworker about this little policy I am policy holder and beneficiary Policy face value is $1000 taken out in 1955 for my handicapped sister who we have guardianship over. Everything I read the policy is not her asset and should not be included as such. Hate dealing with those caseworkers............Thanks.......Jim
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pamstegma Apr 2015
You are correct, the caseworker is wrong. I am in NY and have a similar policy for my sister in a group home, I am her Guardian. The policy now has a cash value of about $3400 dollars. Since she neither owns nor benefits from the policy, it is not countable.
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