Will medicaid take my life insurance

 Category: life insurance

Questions and Answers

Is it true the nursing home will take life insurance $$ after the patient passes away?

We are contemplating moving my mom to a NH. she has a life insurance on herself and thats about it for her $. Only income she has is SS, medicaid, medicare. Me and the other siblings realy dont have $$ to pay for a funeral and burial if they [NH]take the life ins for themselfs. Any one heard of such a thing before?

This is the solution to your problem. Call the insurance company and have them send you a "Change of Beneficiary" form. List your funeral home of choice as the primary beneficiary. Problem solved. The nursing cannot take any money or policy that is set aside specifically for burial purposes. And the home won't necessarily take them money, they may hold it against your mother as an asset. But your best recommendation is to change the beneficiary to the funeral home, which completely protects your mothers best interests.
I help people with this all the time, sometimes 2-3 per week. Good luck!

if i recieve a large sum from a life insurance policy, will it affect my disability?

i am on disability and will be recieving a large amount of money from a life insurance claim. Will I still be able to draw my disability,medicaid, and medicare or will they stop it because of the amount of money I'm getting?

No, it won't affect it at all. Your disability payments are NOT tied to your income. Medicare is probably because of the disability, and not tied to your income/assets, either.

Medicaid, however, IS usually tied to income/assets. So it will likely affect your Medicaid. But it shouldn't matter too much, as you'll have the assets to pay your costs.

My grandma is 102 years old & has no life insurance. How will we pay for funeral?

Her money all went to the nursing home. Her medicaid doesn't kick in until Feb 2009 & she is in congestive heart failure. She has no money left & no funeral arrangements have been made. My credit sucks! How in the world will I pay for a funeral when she dies? I'm so stressed!!!

Maybe you can look into cremation? You might be able to do everything (ceremony, etc.) for less than $1000. If so, the family should be able to kick in some money to complete everything. Or did she belong to a church (or do you?) Perhaps they might be able to help you with alternatives. But ... there is a chance that she might live a bit longer than you anticipate. My grandmother had congestive heart failure a few years ago and she is still alive. She's been on hospice and got bettter - is even taking fewer medications than she did before she went on it. You just never know about these things. But it is smart to be prepared. I've also heard about "Green Burials" - you can look that up online. But cremation might be your best bet.

Check out this article from MSN:
http://articles.moneycentral.msn.com/Ret…

And I'm sorry to hear about your grandmother. I pray that your family will be able to make it through the grieving process with a minimum of stress.

Can you use money you receive on a spend down for Medicaid on utility bills?

My father is in a nursing home recovering from Congestive Heart Failure and Progressive Kidney Disease. I am trying to get him Medicaid insurance. They are telling me i have to cash in his life insurance and either prepay his funeral or Spend Down the amount to get him to be eligible? they are telling me he is about $800 over the $4000 allowed. My quesiton is, can i take this money and pay his past due utility bills and car insurance, rent that has gone behind because of his hospitalization?

Absolutely. Just keep copies of the bills you paid off and be ready to show it was all for his benefit. Other things you might consider paying down are medical costs, food. Try to use any of his existing cash first before going into the life insurance, as that might trigger some income tax issues.

Check out this website for more possible sources of government benefits for him:

www.benefitscheckup.org

You also might try to get him coverage through social security disability. If he has end stage renal disease, the approval for that is quite fast, and he might get additional health benefits there.

what's term life insurance/is there any that covers you no matter how old you are or must you die by a certain

age.

If I am not allowed to have whole life insurance due to being on medicaid, can my son purchase a policy on me..are there any he could purchase without me having an exam and a lot of health questions?

can someone make payments to a funeral home so there is something at least before you die to help assist my kids by paying at least a little (I am poor)

First, term life insurance provides coverage for a specific number of years, it does not last forever.

If you are unable to get whole life insurance, it seems term life insurance may be the only option for you.

Yes, your son can buy the policy for you and even pay the premiums. They will probably need your signature to take out the policy.

Yes, there are no medical exam life insurance policies. There is globe life, stonebridge life and term life with no exam coverage that offers up to $250,000 of protection, depending on your age.

If you only need $30,000 or less of coverage to provide for your funeral expenses you may want to consider Globe Life. They offer up to $30,000 of simplified life insurance to people age 78 and under. You can apply online in minutes and get approved for your policy today. There's no medical exam and Globe Life has more than 2.5 million policyholders.

You can learn more about Globe Life at http://www.term-life-online.com/globe-li…

I hope that helps! Best of luck to you.

Need help with my grandmother. I am her guardian and she does not have life insurance, could I add her?

My grandmother is 89 years old and do not have life insurance. She is living with me because she can not live by herself. My father which is her son is not dependable, he is out of the picture, that's why I wanted my grandmother to live with my husband and I. We don't make that much money but I know she will be looked after. I am worried that if something happens to her, how will I pay for funeral expenses, I am currently out of a job and my husband is the only one working. She has medicare and Medicaid but no life insurance. Is there anyway I can add her as a dependent and if so what steps would I have to take? Will she need a physical? Please if anyone have an answer please let me know, I have an opened mind and opened for suggestions

You can get life insurance on anyone that will sign the papers..... I would call around and get a good price on some insurance and get her on a plan. But yes, you can get her life insurance.....I hope this has helped, and God bless you for taking good care of your grandmother. You will be blessed. Best wishes

What if I don't qualify for Pregnancy Medicaid in Texas and don't have any insurance?

My husband is the only one who works. I am a full time student. I can't get insurance because of my pre-existing conditions. With just his income, we would qualify for Pregnancy Medicaid. But, my dad passed away in December, and the money I get from his life insurance puts us over the limit. What other options do I have to pay for a pregnancy. Due to my health, mostly in part to my pre-existing conditions, we know I will have complications & have to have a C-Section. We are ready to have children, but don't seem to have any options on paying for the medical part of it. Any advice? Please, we are desperate for answers.

have you applied? They may not count that income....if not, I am not sure. Bad situation.

I Need To Ask About My SSI And A Life Insurance Policy Left To Me From My Father?

I am receiving SSI and Medicaid because of Health Issues. I found out a few days ago that my father had died, and had left me a life insurance policy.

I know that if I accept this money my SSI and Medicaid will be taken away and if I hide the money I would lose the above and go to jail.

I need to know if I can put the money into someone elses name OR do I refuse to take the money altogether??

Please Help,
Amber75

Each state treats this differently so you should probably do some research before you jump to conclusions. Life insurance benefits are not usually treated and taxed like ordinary income and so for Medicaid purposes it might not count especially if the eligibility is based on income.

For instance I found a link to the state of NY's treatment and life insurance benefits are treated as income only in the month you receive the death benefit. Therefore you would be ineligible for benefits in that one month and then as long as you parked it somewhere that didn't earn a lot of interest income you would be eligible for benefits the next month when your income returned to normal. http://www.nyspltc.org/docs/medelg.pdf

I would recommend talking to the office that you file your benefits and get the full story before you start thinking about breaking laws.

Can an adult get medicaid/healthwave insurance?

I heard that an adult who lives with a minor child and meets certain income guidelines, is eligible for medicaid/ health insurance? Has anybody over the age of 20 ever gotten this kind of insurance? (state of ks is where i live)

Yes, Medicaid is not restricted by age. You will have to meet not only the income guidelines but also asset guidelines. Here is the website for KS Medicaid: http://www.khpa.ks.gov/MedicalAssistance…

You can get more information there or find out who you can call for more information.