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My husband is 76 and on Medicare. We have a 30 thousand dollar insurance policy on him. If we turn it in we would get 18 thousand. Does the nursing home take his insurance policy? He is not going now, we just want to know if we should turn it in.

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no he is not on medicade. it is his insurance policy I am the benefituary. it is a 30 thousand dollar policy. we are still paying for it. if we cash it in we will get 18 thousand I don't know what else you want me to answer. let me know
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Oh, I just saw your last answer. If he does go to a nursing home, they will have to be paid from somewhere. If you and he have the money, then you will pay. If you don't have the money, you can apply for Medicaid. They have an allowance for the community spouse so that you aren't thrown into poverty.

If he does have to apply for Medicaid, then life insurance policies that he owned would have to be cashed out and spent down if needed. As community spouse, you would be able to keep much of the money as allowed by your state. You can check at www.Medicaid.gov to see what the allowances for your state are. It is a complex question, as you can see.
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You said he is on Medicare. Is he on Medicaid? If he is on Medicaid, he was not supposed to have an insurance policy with a cash value over a small amount. If he isn't on Medicaid, then it will be normal money that can be applied to his care if needed. If you cash out the insurance policy and the money is more than what you paid into it (the basis), be sure to report it on your income tax.

If he is on Medicaid, then the money will disqualify him if he was the owner of the policy. Could you give a little more information? It is hard to know how to answer this question without knowing if he is on Medicaid and who the owner of the policy is.
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if he does have to go into nursing home, I don't want them to get the insurance money
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yes
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Does he need that money now?
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