How are policies owned by each spouse totaled, then split, if one seeks SNF/Medicaid yet the cash, face or Term values differ?

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SNF Medicaid spouse owns a $20K Term policy payable to surviving spouse, Non-SNF spouse owns a Whole life $20K policy (on the SNF spouse) payable to surviving spouse. The Whole life policy has some cash value. The Medicaid spouse has an Irrovocable cremation policy that is all paid up. It is assigned to the mortician. The non-Medicaid spouse has a cremation policy that is partially paid up with no specific names of family or morticians. It's assumed the non-Medicaid spouse's policy proceeds will go to the mortician who performs that creamation. It all sounds complicated especially since Medicaid varies from one state to another.

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Term policy has no cash value and therefore is not a countable asset for Medicaid eligibility purposes.
If non-Medicaid spouses predeceases Medicaid spouse and Medicaid spouse receives death benefit they may be disqualified for benefits ($2,000 asset limit).
You may wish to consider changing the beneficiary of the whole life policy.
Irrevocable cremation policies are not countable assets for Medicaid eligibility purposes.
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Only the cash value of a policy counts for Medicaid eligibility purposes. Since a term policy has no cash value, it is not counted.
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Bob, SNF stands for Skilled Nursing Facility.
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Is this a theoretical question or is the "Medicaid spouse" already on Medicaid?
Please tell me what SNF means? (Dumb I know, but I don't understand).
From my experience I recall that burial plans are not countable assets up to a certain amount, I think $15K in my state.

My observation is that if one spouse is already on Medicaid, all this stuff should have been handled during the application process.

Wish I could help more... Our own experience was extremely complicated due to two dozen financial/investment accounts, but our elder care atty got us through it and I did much, spell that MUCH leg work myself.

Grace+ Peace,
Bob
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Good. Becuse I want to be left something
can I go above the 15,000 in the term policy for my husband in a senf with dementia. .I am his community spouse
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That senf is a nh
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My sister was receiving a disability annuity from the Fed. Gvt. Each month the Gvt. deducted a payment for the premium. I was not listed as a beneficiary, but in descending order I BECAME the beneficiary. The insurance co notified me that it is a term policy with a cash value. My question is: will Medicaid still ignore the cash amount of the term policy, or will the fact that the premium was being deducted from his disability benefit each month change Medicaid position of ignoring term policies.
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I think we have a looming crises not yet recognized as Baby Boomers reach their senior years. OldBob1936 - not a dumb question at all! In this situation, really everything that's old is new to my family. Stefini and girlscount- it sounds very important for all of us to carefully examine who the beneficiaries are on any policy no matter it's value. I appreciate insurance clarification from our experts. There are 2 life, 2 IRAs- soon to be only 1 belonging to the community spouse, 1 mutual fund belonging to the spouse. 1 life for each. This may fall within a protected amount for the spouse as none are large accounts.
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