QUESTION
How to deal with whole life insurance policy to be eligible for Medicaid?
Asked on Jun 09th, 2020 on Elder Law - Hawaii
More details to this question:
My mom is bed ridden and requires 24/7 care . She currently resides in a private care home. Will she has to surrender her life insurance to be able to be eligible for Madicaid. She has limited funds that will be depleted as the months goes by paying her medical bills and private pay. I’m the daughter who has power of Attorney to take care of her financial management on her behalf. What steps do I need to take to help her in her situation regarding on her insurance policy? I’m the beneficiary.
1 ANSWER
2 Awards
Your mother cannot qualify for Medicaid with a life insurance policy with a face value over $1,500 but she can hold an irrevocable burial policy. You may want to discuss her entire situation with an elder lawyer. You can find one near you on the website of the National Academy of Elder Law Attorneys (www.naela.org).
Answered on Jun 10th, 2020 at 5:25 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.