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Will Medicaid view my life insurance as an asset?

When it comes to life insurance Medicaid is not concerned with the insured of a life insurance policy or who the beneficiary is but rather who is the owner of the policy.    The owner has legal rights and can access the funds at any given time, since a Medicaid applicant cannot have more than $2,000 in assets, having access to the additional funds in the life insurance policy could jeopardize eligibility.   If your child is the owner, you would have no access to the funds.  Many people change the ownership of their life insurance policy as a planning strategy.

Do I need to apply for Medicare If I am still working?

The central question to consider is how many employers are covered under your group plan at work? Medicare beneficiaries are exempt from any penalties if they are participating in an employer group health plan with 20 or more covered employees. You may or may not have to get on Medicare; this would depend on your company rules. I would recommend that you speak with your Human Resource manager or related person.

5-year Look-back & the divisor penalty

Understanding Medicaid's 5-year look-back rules.

Medicare Parts

What does Medicare Part A, B, C, D mean?

Mom needs long term care. What to do?

My mother lives with me but has dementia and she may soon need to move into a facility. She has only Social Security income. She gave me her savings which is $150,000 so she could help pay her way at my house. I know there is some kind of look-back, and how would that work if she had to go into a home?

What happens to your home if you need Medicaid?

My mother is gone, and my dad is 91. He needs long-term care but can't afford it, so I think he has to go on Medicaid. He owns a home worth about $220,000 and only gets Social Security. The only other asset he has is my mom's jewelry, which we think is worth close to $100,000. Does that count for Medicaid assets? What do we do?

Balancing Employer Healthcare & Medicare

I qualify for Medicare next year and I plan to continue working so my wife who is younger than me can have health insurance. But how does it work for me if I have an employer plan and I qualify for Medicare? 

What is Medicaid?

Medicaid is a federal-state program. It is the government’s version of long-term care insurance. It is a safety net for those who can’t pay for healthcare.

New Medicare Cards Will Be Issued Without Social Security Numbers

The Center of Medicare & Medicaid has announced its plan to remove Social Security numbers from Medicare ID cards.

Pharmaceutical Assistance to the Aged and Disabled (PAAD)

The Pharmaceutical Assistance to the Aged and Disabled (PAAD) program can significantly reduce your part D co-payments and possible eliminate the donut hole.  This article discusses the guidelines and requirements.

What is Long Term Care?

This article discusses the meaning long term care.

Medicaid Life Insurance Rules

The article discusses life insurance as an asset under Medicaid rules.