Irrevocable Funeral Trust Limits Ohio
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Client would like to spend about $150-$200/month for something that could help with things if she goes in nursing home. She isn't very healthy and doesn't qualify for any ltc/stc that I can find...diabetic and is on coumadin
My thought is finding a way to protect her from medicaid gobbeling up everything. She's 71
My thought is finding a way to protect her from medicaid gobbeling up everything. She's 71
But whats the look back range when considering 1035ing funds??
- 19,667
You are simply wrong on that. So wrong in fact that you should not be giving advice.
Life Insurance and the Medicaid Application
Life insurance can be problematic when attempting to qualify for Medicaid. To be eligible for Medicaid, an individual cannot have more than $2,000 in countable assets. A whole life policy with a face value of $1,500 or less is considered exempt and will not count against that person's $2,000 asset limit. Thus, besides this one small exception, all other life insurance policies owned by a Medicaid applicant that include cash value are available assets to that individual and will count toward that person's $2,000 asset limit.
Since whole life insurance policies accumulate cash value that is accessible to the policy owner, it is counted as an available asset to a Medicaid applicant. Thus, if a Medicaid applicant has a $10,000 whole life policy with an accumulated cash value amount in the policy of $3,000, that person would not qualify for Medicaid.
Life insurance can be problematic when attempting to qualify for Medicaid. To be eligible for Medicaid, an individual cannot have more than $2,000 in countable assets. A whole life policy with a face value of $1,500 or less is considered exempt and will not count against that person's $2,000 asset limit. Thus, besides this one small exception, all other life insurance policies owned by a Medicaid applicant that include cash value are available assets to that individual and will count toward that person's $2,000 asset limit.
Since whole life insurance policies accumulate cash value that is accessible to the policy owner, it is counted as an available asset to a Medicaid applicant. Thus, if a Medicaid applicant has a $10,000 whole life policy with an accumulated cash value amount in the policy of $3,000, that person would not qualify for Medicaid.
