Medical Assistance and a UL or ??

[inreverse]

Midland has a guaranteed UL @ 250000 for age 65 that never has more than 1500 cv, think it might be a fit

 

[jdeasy]

Midland has a guaranteed UL @ 250000 for age 65 that never has more than 1500 cv, think it might be a fit

How would that help? The cash value would still be a countable asset.

 

[inreverse]

they are allowed a funeral account with a max of 1500, and they can prepay or do a preneed contract limited only by the amount of the contract with the funeral home, they can also pay for burial items like caskets, plots, headstones, etc for their immediate family members, also requiring a contract for verification

 

[jdeasy]

they are allowed a funeral account with a max of 1500, and they can prepay or do a preneed contract limited only by the amount of the contract with the funeral home, they can also pay for burial items like caskets, plots, headstones, etc for their immediate family members, also requiring a contract for verification

That doesn't have anything to do with the fact that the cash value is a countable asset.

 

[inreverse]

Just this morning from the financial worker, up to 1500 CV can be set aside for funerals and is not a countable asset

 

[jdeasy]

Just this morning from the financial worker, up to 1500 CV can be set aside for funerals and is not a countable asset

That is wrong information. But, just go with it. When that person gets their medicaid cut off because of the assets then the one that advised them it was OK should step up and handle it for them.

 

[Todd King]

Just this morning from the financial worker, up to 1500 CV can be set aside for funerals and is not a countable asset

That is wrong information. But, just go with it. When that person gets their medicaid cut off because of the assets then the one that advised them it was OK should step up and handle it for them.

It's only a countable asset if the total cash value exceeds $1500. Up to that amount is not countable.

Since Medicaid is a state thing, this might vary by state, but I believe this to be the standard among most.

It's easy enough to look up the rules for your state.

 

[jdeasy]

That is not correct.The cash value in a life insurance policy is a countable asset period.

Doesn't matter if it's one dollar. It counts towards the $2000 of assets.

If you have two policies with $1000 cash value in each then you are over the limit. If you have $900 cash value in a life policy and $1200 in a savings account you are over the limit.

Cash value in a life policy simply counts as a liquid asset.

It is exempt as a countable asset if the total face amount of all the life policies is $1500 or less. That's where the $1500 comes from.

Here is one explanation. A bit simplistic but in lay terms;

http://www.estate-planning-hub.com/...cy-ownership-affect-medicaid-eligibility.html

It's only a countable asset if the total cash value exceeds $1500. Up to that amount is not countable.

Since Medicaid is a state thing, this might vary by state, but I believe this to be the standard among most.

It's easy enough to look up the rules for your state.

 

[Todd King]

According to the KY Medicaid website, this is still in effect there.

This is page 335....

View attachment Pages from kymedicaidstateplan2.pdf

 

[jdeasy]

That is in effect but that has nothing to do with this conversation.

I gave you a link above for the subject matter. Chose to continue to ignore it if you want.

I hope you are not giving that wrong info to your downline agents.

According to the KY Medicaid website, this is still in effect there.

This is page 335....

View attachment 1464