I have three small whole life policies totaling $30 k, and premiums of $160 per month. What happens to them if I go in a nursing home on Medicaid?

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IF I qualify for nursing home medicaid, can I keep paying the policy premiums or does someone else have to start paying it? I am just under the monthly limit in Texas.

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Whole life policies have a cash value. The cash value is viewed as an asset and non-exempt assets are limited to 2k for NH Medicaid. You will not be able to keep whole life policies and get NH Medicaid as your over asset limit. 

Community based Medicaid has different asset maximums.

You need to know what Medicaid looks at for BOTH income & assets for your state. Being under the monthly income limits is just a part of the overall financial requirements. You kinda need to rethink what to do with the policies and do this way in advance of actually applying for medicaid. You might be able to do a conversion from whole life to a smallish term life or take the cash out from the whole to do a fully paid preneed burial & Funeral policy done. Medicaid has ceiling limits on what the amount can be on these which vary by state. You & your dpoa really need to pause and think how to best use the $ that the whole life cash out brings and is within Medicaid guidelines

Please read the articles on this site regarding what Medicaid & Medicare are as it’s not simple. Often the best route is to just work with an elder law atty to get things done to set up for the day you end up applying for Medicaid. Also often folks are focused on the $$$ aspect of Medicaid, but realize that you must also qualify medically. Some states only do Medicaid for NH so you would need to show to be at need for skilled nursing care. Other states Medicaid cover AL & MC. It’s not simple.....
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