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Virginia Medicaid – How Does Medicaid Treat Life Insurance?

Virginia Medicaid — How Does Medicaid Treat Life Insurance?
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 it 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. Contact one of our attorneys if you have questions about applying for Mediciad.

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With over thirty years of combined experience, we proudly serve the Virginia Peninsula, the Middle Peninsula, and Williamsburg. Our goal is to protect the personal and financial relationships that support your family. This includes preparation for times when you may be incapacitated and making arrangements for your family in the event of your death.