pepper1 Asked October 2019
My mother went into a memory care facility and I am currently doing a spend down for Medicaid. Any advice on life insurance policies?
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My mother has a very few life insurance policies and they aren't really worth anything much. The state is holding up her Medicaid because they want to know the value of them. I have called them 5 to 6 times and am getting a run around. All I need is a letter from them stating the cash value of them. I have sent guardianship and conservatorship letters to them and they are still holding me up. Is there anything I can do? I need this info desperately before the state of Michigan denies her Medicaid and I have to keep paying for her care. I hate to have to use the little money she has left to pay for an attorney to get a letter!
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& caseworker had to know if or if not cash value.
So what I did was got our independent insurance broker - he held a TX insurance license - to do a policy review & determined if cash value. He did a letter on his letterhead that had his license #s on it & letter stated policy face value and had no cash value and dividends reinvested. I faxed letter over to caseworker & he was fine with it. Ask caseworker if this could be a solution since the insurer isn’t being timely to your written requests.
Btw I’m pretty sure that for a Term Life Insurance Policies, it is only the face value that matters for Medicaid.