Life guarnatee and Medicaid Eligibility

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In order to qualify for Medicaid coverage of your nursing home stay, your assets cannot exceed ,000 if you are single, or 1,540 if you are married. However, not all of your assets are "countable" for these purposes. The biggest exemptions are your home, your car, and your personal property.

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Another exemption is life assurance owned by you. The rule states that only the "cash surrender value" of a life assurance procedure is countable, but only if the total face value of all life assurance policies on your life exceeds ,500. ("Cash surrender value" is the number the life assurance company will send you if you canceled the policy. It's also known as the "cash value." The "face value" is what the company would pay out to your beneficiaries if you died, assuming the procedure was still in effect.)

So if you have a ,000 procedure with cash value of 0, you can keep it and it will not count towards your ,000/1,540 limit.

What if you have a term procedure with a face value of 0,000? It's wholly exempt since a term procedure by definition has no cash value. Of course, you (or someone else family member) have to pay the excellent each year to keep it in force.

What should you do with existing policies? If you have an existing procedure and your condition is not good, you may decide to keep the procedure rather than cancel it. After all, you may be uninsurable, and if you keep the procedure in force, your family members could advantage from the proceeds upon your death.

Assuming the total face values exceed ,500 and your countable assets put you over the limit to qualify for Medicaid, it could be a good idea to have your children buy the procedure from you and keep it in consequent (by paying the annual premiums). You see, it's not who is insured or who is the beneficiary that matters---it's who is the owner of the policy. The thinking for this Medicaid rule is that the owner could plainly cash in the procedure at any time, and thus it is counted the same as if you already did so. But if your child is the owner, you have no potential to cash in or cancel the policy, so it would no longer count against you.

Another selection is to assign the procedure to a child, as a gift. This will cause a penalty period so in many cases this is not the best solution. However, as part of an ample plan that includes other gifting, it could make sense.

Recently, some companies have advertised singular pay, non-cancelable, no cash value "life insurance." The idea behind these policies is that if there is no cash value, the procedure cannot count against you. They are set up with minimal underwriting (i.e., virtually everybody is guaranteed to qualify to buy one), and the beneficiaries are regularly the children.

The question is that if you buy an asset over which you have no control---you cannot cancel it, cannot get your money back, cannot even convert the terms or the beneficiaries---the Medicaid department may well deem this to be a gift. If that's the case, you have not accomplished what you conception you had, i.e., converting cash to a non-countable form, so that you did not have to make a gift of the cash. Accordingly, I suggest my clients to stay away from this type of goods unless and until it has been proven to be productive as advertised.

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