Dad needs to enter nursing home, his only asset would be his life insurance policy

by Donna
(Maine)

I was recently told that my dad needs to enter a nursing home, there are no assets except his life insurance policy which gets paid by the va/veterans administration,

Now I have been his personal caregiver and Poa and have lived with him over 4 yrs,I am listed as his beneficiary of his policy,

My question is will medicaid want this cashed out, or do they wait till the person has passed, and once they've passed do they take all the life insurance payout?

Comments for Dad needs to enter nursing home, his only asset would be his life insurance policy

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Aug 09, 2012
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medicaid and life insurance
by: Gabriel Heiser

Medicaid only counts the cash value of life insurance policies, and then only if the total face value of all the policies exceeds $1,500. Assuming he qualifies for Medicaid even with the policy, since you are listed as the beneficiary that money will pass outside probate and may escape having to be paid to the state for its care of your father. Whether it passes free of the state’s claim depends on the rules of your particular state, so you’ll need to research that a bit further.

Read more at medicaid secrets and
how does life insurance affect medicaid eligibility?

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Marquette, Michigan

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