Medicaid and Insurance

[capnjim01]

I have a client who is applying for Medicaid and they want to see her life insurance policies and what the face amount and cash values are.

She has three polices with about $300.00 cash value I don't think would be a problem but maybe some of you guys who deal with Medicaid can clear this up for me.

I don't think there is enough involved to worry about having to spend it down.

 

[Arthur Rudnick]

She needs to spend-down all of her countable assets until she has no more than approximately $2,000 in her name (varies by state.
The cash value in a life insurance policy is considedered a countable asset.

 

[capnjim01]

Thanks it shouldn't be a problem then