By Attorney Susan I. Jean on Friday, January 25, 2019
One of the most common reasons for a long-term care Medicaid denial is life insurance with cash value. We don’t think of life insurance when we think about what we own. We don’t think of life insurance when we think about how to pay for care. But when life insurance has cash value, the policy must be reported on any Medicaid application. The cash value of the policy can be used to pay for care, and so counts as an available resource in most circumstances.
When you are looking for money to help pay for care, remember to consider these policies. Although they are often musty and dusty, they often are still in existence, and they often have value.