Is Life Insurance Considered An Asset For Medicaid?
255 POINTSview profileDave LinPrincipal, Linwood Forest Insurance Group, PennsylvaniaIf you are the owner of the policy and the policy has cash value, then yes it can be considered as an asset for medicaid purpose. If your current policy has cash value, there are several different options you can utilize to get around that issue. Talk to whoever sold you the policy.Answered on June 16, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Whole Life or Universal Life Insurance that has a cash value can be considered an asset for Medicaid purposes. You are allowed a final expense policy when going through a Medicaid spend down, so the policy might be able to be designated for that. You have a legal right to convert your Life Insurance into a Long Term Care Benefit Plan, allowing you to keep a reduced face amount and using the cash value to pay for Long Term Care needs. To find out the best way to handle your life insurance policy, be sure to know the Medicaid guidelines for your state and contact a knowledgeable agent to assist you.Answered on June 17, 2013flag this answer
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