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Consult an elder care attorney for the absolute answer, but I’d bet it has to be cashed. If so, use the money to pay for everything that can be thought of to benefit your parents, including prepaying for their funeral expenses
What state is this? So many variables from state to state that it is difficult to answer.
For example, In NY state, the assets for a single person is $31,175 for 2024. If the cash value of the policy is over that limit, the policy must be surrendered. If it is under it doesn't have to be surrendered but any other assets inc. the cash value can not exceed $31,175 in total. But, if you are from another state this does not apply.
That is why the advice of retaining an elder care attorney is so often suggested. We do not want to give false information that will lead to your misunderstanding of the law. It is a worth while expense and can be used for the spend down for Medicaid Long Term care allowable expenses.
Hello, I am in NY. I consulted with an attorney and the cash value is over $31,175, but the attorney didn't mention that it "must" be cashed out bc of that, but that a way to spend down the excess money is a prepaid funeral plan. The calculations we did included the split bank account's value, deducting the amount community spouse can keep ($74,820) first and then deducting the $31,175 before getting to a spend down number.
(.. but it wasn't clear if once LTC Medicaid eligibility is approved, can they still keep the policy to retain the death benefit. Thi question came up last night, a few days after meeting with them as I tried to wrap my brain further how to best help my parents sort this out together.)
You don't need an elder lawyer. You can ask this question of a Medicaid caseworker. In my State, if a policy has cash in value, it must be cashed in. It becomes part of the spend down. With my Mom, I prepaid for her funeral with the proceeds.
Thanks JoAnn. I'm still waiting to hear back from the Medicaid planner. It's been a couple weeks since the documents are submitted to them. My mom is concerned but since I haven't gotten any calls yet (I am parents' + nursing home's "liaison".) I guess we're still waiting and that the application hasn't exactly been denied yet. At the moment I will get the DPOA document sorted out for them. Parents do not speak English and they were never aware of these legalities. I have looked into and learned more about the prepaid funeral plan option recently and think that might be the best way to spend down at this point. Gonna have to find the time to go to funeral homes with mom to get a number.
The Medicaid planner at the nursing home will let me (us) know if denied and the need to spend down or if approved and good to go? Am I over worried? I just feel like a sitting duck.
That depends on the Medicaid rules and regulations of your own state. This is a question to ask Medicaid authorities in your state. Whole life policies are often considered a cash asset. They often cannot be held. But this is something the opinion of a Forum shouldn't figure in; you need expert advice. An attorney in your area or speaking directly with a Medicaid advisor. This can also re researced online often. I wish you the best.
Hi Alva, thank you for the straightforward answer and your wishes. I am still waiting to hear back from the nursing home's Medicaid planner. I feel like a sitting duck. I'm doing my own research whenever I can, am reaching out to several experts (but getting mixed guidance so it's frustrating) and trying my best to wrap my head around everything. Reaching out to this forum is a part of that research and I was really just hoping this would've been a "simpler" question bc I see a lot more content online about how to become eligible for the Medicaid application, the 5 year lookback etc, but not exactly what to expect or what happens to parents' assets/income after spend down and after the application is approved.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
For example, In NY state, the assets for a single person is $31,175 for 2024. If the cash value of the policy is over that limit, the policy must be surrendered. If it is under it doesn't have to be surrendered but any other assets inc. the cash value can not exceed $31,175 in total. But, if you are from another state this does not apply.
That is why the advice of retaining an elder care attorney is so often suggested. We do not want to give false information that will lead to your misunderstanding of the law. It is a worth while expense and can be used for the spend down for Medicaid Long Term care allowable expenses.
(.. but it wasn't clear if once LTC Medicaid eligibility is approved, can they still keep the policy to retain the death benefit. Thi question came up last night, a few days after meeting with them as I tried to wrap my brain further how to best help my parents sort this out together.)
The Medicaid planner at the nursing home will let me (us) know if denied and the need to spend down or if approved and good to go? Am I over worried? I just feel like a sitting duck.
This can also re researced online often.
I wish you the best.