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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.
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Mom (91) is living with us. She has 2 life insurance policies totaling $10,000 in benefits when she dies. Will these policies affect her Medicaid eligibility if she gets to the point where she will need it?
The type of policy is what makes the difference, if it’s whole life, it’s what Cali posted as whole life cash value is an asset that exists for her to use & cash out now,
But if it’s term life, that can be sticky and going to depend on what the term life face value is as to whether Medicaid gets involved. Term life has a “face value” on the policy. It’s this face value that is what’s required to be reported to Medicaid, even if the $ to beneficiary after death is actually going to be more than it’s current face value. The after death value, isn’t an asset as it doesn’t exist till after death. Comprende? You want to make sure that the beneficiary is you or another person and NOT her estate.
Term life tend to be lower value policies, maybe written for 1k, 5k, 10k and have a beneficiary indicated in the policy. States Medicaid programs can place a limit on allowed “face value” for a policy. So you need to find out what the max face allowed. I think if it’s is over the face limit, Medicaid may require the state to be put on as a beneficiary. But on that I’m not sure as I didn’t have that to deal with.
If the policy is really ancient and it’s fully paid up to the point that it’s producing a dividend this is a sticky for the Medicaid application & renewals. If that’s your situation, do a update. I’ll tell you what we did to deal with this.
I'm the beneficiary, She purchased them for her funeral expenses and is still paying them each month. She does get a small dividend check from one of them ($8.90/ month plus a $102 each year) so I am assuming that one is term life. Both are $5000. I'm her POA. She's still mostly okay but her cognition is declining daily. I may make the decision to cash them in and prepay for a funeral instead. It may be the better option. Thanks
She will not receive face value if cashed in. My Mom had 2 totaling 7k. She received a little more than 2k. The 8k was shares she had in Prudental. That 10k paid for her prepaid funeral.
Do the policies stipulate for a funeral? If so, I don't think you need to cash them in. Check with Medicaid.
As worried said but not if being paid by an employer. (Not sure if employer based ones even have cash value) The insurance policy will need to be cashed out and the money used for her care and then Medicaid applied for. With my Mom, her policies totaled 10k. I used it for prepaying her funeral. It will become part of her spenddown so there may be ways to use it. Can't be gifted. Check with Medicaid how it can be used.
She has been paying for them herself for years. Not employer paid, She's adamant that she continue paying for them. They do total 10K. I don't know if they are whole or term life. I'll have to check.
Can you talk to her about why she wants them? To the extent that she can cash one in and purchase a prepaid burial plan, that may not be an issue (depending on state/amount).
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.
But if it’s term life, that can be sticky and going to depend on what the term life face value is as to whether Medicaid gets involved. Term life has a “face value” on the policy. It’s this face value that is what’s required to be reported to Medicaid, even if the $ to beneficiary after death is actually going to be more than it’s current face value. The after death value, isn’t an asset as it doesn’t exist till after death. Comprende?
You want to make sure that the beneficiary is you or another person and NOT her estate.
Term life tend to be lower value policies, maybe written for 1k, 5k, 10k and have a beneficiary indicated in the policy. States Medicaid programs can place a limit on allowed “face value” for a policy. So you need to find out what the max face allowed. I think if it’s is over the face limit, Medicaid may require the state to be put on as a beneficiary. But on that I’m not sure as I didn’t have that to deal with.
If the policy is really ancient and it’s fully paid up to the point that it’s producing a dividend this is a sticky for the Medicaid application & renewals. If that’s your situation, do a update. I’ll tell you what we did to deal with this.
Do the policies stipulate for a funeral? If so, I don't think you need to cash them in. Check with Medicaid.