health information
Can the gov’t attach to interest-earning life insurance policies to pay a person’s nursing home/Dr. bills?
Question : Can the gov’t attach to interest-earning life insurance policies to pay a person’s nursing home/Dr. bills?
ie. if all a person’s other assets have been dissolved in long (or short)-term nursing home/medical care, can they take away even the life insurance policys for one’s children, or will they still get at least those acumulated proceeds upon the insured’s death?
nursing home insurance
Best answer:
Answer by mbrcatz17
No, they can’t attach a “cash value” because the cash value decreases the face value! Unless, of course, the insured CASHES it in, then it becomes cash assets.
As long as the CHILDREN are the beneficiary, you are all clear.
-
-
#2 written by sundergentleboy n 1 year ago
i hope this may helps u
http://www.freewebs.com/any-insurance - Comment Feed for this Post
Medicaid will count a life insurance policy if the cash value is over $ 1500. They will also count any investments or retirement plans. They may require you to cash in those countable assets if you want care and it doesn’t matter if you have to pay a penalty.
One thing you can do is convert the life policy to an immediate annuity. You can designate either the children as beneficiary, or a Miller Trust as beneficiary and the children as beneficiary of the trust. The income from the annuity will be included as assets and will more than likely be required to be used for your medical care (even if it goes into the trust) but any remaining money in the annuity at death will pass to the children.