QUESTION
If going to nursing home do they take life insurance money
Asked on Oct 03rd, 2017 on Elder Law - New Jersey
1 ANSWER
2 Awards
They don't "take" life insurance money, but if the person in the nursing home owns a life insurance policy, that will prevent the person from becmoing eligibale to receive Medicaid. Most times it is required that the cash surrender value of the policy be cashed out, and then the money used for the person's care.
Answered on Oct 13th, 2017 at 5:55 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship