Do I have to cash in my life insurance policies?
Generally, if the face value of all your whole life insurance policies exceeds $1,500, the cash value of those policies are treated as countable assets for purposes of determining Medicaid eligibility. For a married couple, the Community spouse may retain their whole life insurance policies with face values in excess of $1,500 as part of their CSRA.
More Medicaid FAQs
- As the Community Spouse, will I be allowed to retain any of my husband’s income?
- As the Community Spouse, will I be allowed to retain any of my husband's income?
- Can I pay my children for services they provide to me, i.e. laundry, taking me to doctors appointments, etc.?
- Can I transfer all of my assets to my children?
- Do I have to cash in my life insurance policies?
- Do the accounts that I own jointly with someone else count toward my Medicaid eligibility?
- Is there a way to protect my Medicaid benefits in the event I receive an inheritance?
- Is there any way to save the family home?
- What are my options to help pay for assisted living facility or nursing home care in the future?
- What are non-countable and countable resources?
- What is Medicaid Estate recovery?
- When can I file a Medicaid Application?