Retiree Applying for Medicaid

[SouthernComfort]

Helped couple with FE and combined they will have 1400 in ssi income. Here is where I need suggestions. Based on income alone they should qualify for medicaid but they have 14500 in a savings account and the place where he is retiring is going to give him a lump sum payment of about 20000. The business owner is waiting to hear back from me. I have spoken with the clients son and he would allow the business to pay him to avoid his dad and mom not qualifying for medicaid. The 14,500 I am not so sure what to do... please ask questions, any suggestions?

 

[Millwood]

So......you are are going to be a party to defrauding the Gov. Some things are just the way they are. Don't get involved. Just my two cents.

 

[SouthernComfort]

Nope... and I appreciate you candid response. Went to checking elderlaws and the best thing for them is to take medicare supplement and if ever the money is spent then apply for medicaid.

 

[timmyl777]

He can do a paid up universal life policy to keep the money from inhibiting him from qualifying for medicaid and when he needs the money he can borrow against the policy. There might be a better way, but that safe haven I do know.
- - - - - - - - - - - - - - - - - -
Although there is certain ways that that universal life would need to be set up friends since like a 529 college plan and you would need to do course your own research to make sure it's done right

 

[VolAgent]

He can do a paid up universal life policy to keep the money from inhibiting him from qualifying for medicaid and when he needs the money he can borrow against the policy. There might be a better way, but that safe haven I do know.
- - - - - - - - - - - - - - - - - -
Although there is certain ways that that universal life would need to be set up friends since like a 529 college plan and you would need to do course your own research to make sure it's done right

That paid up UL is still an asset and probably has cash value. It will affect his ability to get Medicaid.

 

[wehotex]

So......you are are going to be a party to defrauding the Gov. Some things are just the way they are. Don't get involved. Just my two cents.

Yes, this is good advice. You could just tell the prospect what the maximum amt of assets is and then tell them that they can apply when their nest egg is depleted to that level. It's then up to them to decide what to do.