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He has a $5000 cash value.

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I assuming that dad has entirely cleared the LTC Medicaid application process & has gotten his eligibility letter. so he’s well established as being ok 4 Medicaid & he’s current on his mo copay to the NH for his income, my answers are based on this….
Just how did you find out that’s it’s not term?
Are you sure it’s whole life? Could it be a GUL?
like exactly how is it that you r finding about this now?

- Is it possibly that he got a dividend payment, so in the letter accompanying the dividend, it reads somewhere that it’s whole life?
- Is it a really really old life insurance policy? And is it from a mutual?
- was the entire policy given to the caseworker as a document to accompany his LTC Medicaid application?
- what exactly is the date you could have been made aware of it’s whole life status… like last month or like yesterday?
and
- how much $ does dad have right now as his exempt assets, like in a bank account in his name or in the at the NH “personal needs trust” account? The exact amount of $ he has right now.

it’s a solvable problem, but to me it’s more of how to time it best issue. Your answers give the info needed as to how to deal with it ime.
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You can cash this in and buy him a prepaid funeral trust.

I found out after the fact that Mom had shares from Dads insurance policy. I was going to have to go thru ALOT to cash them in. My POA was not enough. So, I let it go. Mom passed 3 months after Medicaid started. The sale of her house paid Medicaid back for amount they put out. The weird thing was, it was very easy to have the shares changed over to me than to cash them in.
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