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InsuranceAssure
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That's a good thing to know, as well...!
Thank you...!
Mulling over your very thoughtful earlier post over dinner, I again got to thinking...(Yeah, I know..overthinking....) -- That said....just take a look at the [inline] comments for fun and see if there may be some validity to my [comments]:
"What it means in saying it has to be liquidated is simply that they do not qualify for Medicaid that month. So if it's an issue than all they have to do is borrow it down below the threshold and they are good to go. [If they go to Medicaid and have $1600 in C.V....Medicaid will say "No problem, go spend it?" or will Medicaid say "Thank you very much?" If they spend it down before applying, to hide it from Medicaid, might that be of legal concern?]
They must spend the money before the first of the next month but that's never a problem. Or they can assign it to a funeral home or trust. [Assignment may not be possible with a fraternal, and in either case, can't be done fractionally....100% must go to Funeral Home....So anyone with a larger policy that planned "Family Expenses" in addition to "Final Expenses" may not be too happy to find out they just paid $20,000 to a Funeral Home for a $9,000 funeral]
Or they can assign ownership to someone else. Yes, that subject to lookback but if it's not over the countable asset threshold it doesn't matter. [If it is not over the countable asset, then I agree, but the client would have to have known to make such a transfer early in the Policy life (with low CV)...but if it is over that number, then that is the very problem we're discussing...and may not be an imaginary concern]
The face amount is never an issue if it's going to a beneficiary. It's only an issue if it goes to the estate." [Unless, of course, the d.b. never gets to the Beneficiary, because some states take liquidation to mean not go on a spending spree with the excess C.V. but surrender the policy ($0.00) and pay Medicaid the entire C.V., thus killing the policy and the client's intent of a having purchased a life insurance policy to leave a death benefit to the beneficiaries.]
Which could, if correct sort of bring us full circle, perhaps:
That in some instances to come (perhaps many?) F.E. policies will unwittingly become forfeitable funds for Medicaid, and perhaps not burial policies for the payment of final and family expenses, to those who honorably purchased them for those purposes?
I do hope that I'm as far off in my novice assessment as your experience would suggest!
Thank you...!
Mulling over your very thoughtful earlier post over dinner, I again got to thinking...(Yeah, I know..overthinking....) -- That said....just take a look at the [inline] comments for fun and see if there may be some validity to my [comments]:
"What it means in saying it has to be liquidated is simply that they do not qualify for Medicaid that month. So if it's an issue than all they have to do is borrow it down below the threshold and they are good to go. [If they go to Medicaid and have $1600 in C.V....Medicaid will say "No problem, go spend it?" or will Medicaid say "Thank you very much?" If they spend it down before applying, to hide it from Medicaid, might that be of legal concern?]
They must spend the money before the first of the next month but that's never a problem. Or they can assign it to a funeral home or trust. [Assignment may not be possible with a fraternal, and in either case, can't be done fractionally....100% must go to Funeral Home....So anyone with a larger policy that planned "Family Expenses" in addition to "Final Expenses" may not be too happy to find out they just paid $20,000 to a Funeral Home for a $9,000 funeral]
Or they can assign ownership to someone else. Yes, that subject to lookback but if it's not over the countable asset threshold it doesn't matter. [If it is not over the countable asset, then I agree, but the client would have to have known to make such a transfer early in the Policy life (with low CV)...but if it is over that number, then that is the very problem we're discussing...and may not be an imaginary concern]
The face amount is never an issue if it's going to a beneficiary. It's only an issue if it goes to the estate." [Unless, of course, the d.b. never gets to the Beneficiary, because some states take liquidation to mean not go on a spending spree with the excess C.V. but surrender the policy ($0.00) and pay Medicaid the entire C.V., thus killing the policy and the client's intent of a having purchased a life insurance policy to leave a death benefit to the beneficiaries.]
Which could, if correct sort of bring us full circle, perhaps:
That in some instances to come (perhaps many?) F.E. policies will unwittingly become forfeitable funds for Medicaid, and perhaps not burial policies for the payment of final and family expenses, to those who honorably purchased them for those purposes?
I do hope that I'm as far off in my novice assessment as your experience would suggest!
