How Much Life Insurance Can I Have And Still Qualify For Medicaid?
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63333 POINTSview profilePeggy MaceMost of the U.S.This varies by state, but the minimum amount is usually $1,500. Sometimes you read that $1,500 of the cash value is exempt (a noncountable asset). Sometimes you read that $1,500 of the face amount is exempt during a Medicaid spend down. You can contact your State Medicaid Program to get the criteria for your particular state. This website can help you find the correct phone number. http://www.medicare.gov/Contacts/Default.aspxAnswered on May 25, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is an excellent question! This is one of those questions that are really best answered by tax attorneys, and Medicaid experts. That said, there are legal limits, and ways to take money out of the countable pile that Medicaid will look at. There are companies that write funeral trust plans that are in most cases exempt from the limit, but once you've put your money into one, you cannot touch it for any reason but your funeral. Talk to your attorney, and Medicaid people in your State first, okay? Thanks for asking!Answered on May 27, 2014flag this answer
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