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So I thought I was done with the insurance company after planning the pre-funeral. I called for the payout...But I failed to 'terminate' the policy. What happens when she now receives money that will be over $1500.00?

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Spend it. Buy her a nice new lift chair or something expensive that she needs so that it isn't in her account when Medicaid does their next review, which is usually 6 months or so.
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A top of the line lift chair is a great idea and you might consider a nice TV, maybe sound reducing headphones, a nice radio--whatever she enjoys. Also if her laundry is done onsite you may want to stock up in advance on clothing items as they don't last as long laundered in commercial laundries. Shoes, house shoes. That way when she needs new there are replacements ready.
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My understanding is that a Medicaid patient is allowed to have up to $2000 in cash savings at any one time, when they do their reviews. Extra monies can be spent on health care needs, medical or, if still owning a home, on home repairs and maintenance.
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Yes, Joannes, it is when they do the review. It isn't at each and every day of their qualification period. My father had to have less than $2000 in his account when Medicaid did their review every six months. There were days when the amount of money in his account was over $2000. This did not disqualify him from receiving Medicaid. It did have to be spent prior to the time that he was reviewed again.
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Giving money back would be against Medicaid rules. You cannot give money away or refuse money owed to you just to appear eligible. Spend the money as you would for spending down in order to qualify for Medicaid -- on things for Mom.
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Return it.
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Upon reflection and having eaten, I would contact your local Medicaid office, the one that you are dealing with currently and ask them about the money. Do not spend it before you find out. You may have to return it. Merry Christmas!
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My Dad is on Medicaid and gets his SS check and retirement check, plus his Medicare supplement withdrawal all through the same checking account. My financial advisor from the law firm said I should pay ALL his bills from this account and then once all bills were paid, just be sure that account had $2000 or less in it each month because one doesn't know when they (Medicaid) will go to look in it. It's all hard for me to comprehend, because I still must send the monthly checking account statements for all my parents accounts to this advisor, so that she can send to Medicaid worker if anything is asked for....and some months I have to move money out of his account and into my Mom's POA checking account. It always, somehow, feels like I am 'cheating' to move money out and into another account, but I am assured it's all perfectly OK. Of course, Mom's own SS check is paid into Dad's checking too, and perhaps that is why, or perhaps it is because Mom is still alive and has her own home, car expenses and half of the entire estate is to be saved for her care eventually anyhow? I've never understood.....but then I don't understand the government rules and regs anyhow. I just am assuming that Mom will qualify faster than Dad did, because by the time she needs placement, all of the money will be gone likely. There is not that much actual cash left....as her 'share' has the home and vehicle in it as assets. And these people who think Medicaid gives them anything that is really 'free' from the gov't need a wake up call, because, as it's been explained to me....once my parents both die, either Medicare gets the entire house turned over to them to sell, or I have to pay Medicare out of the sale proceeds for the cost of all care they provided. So all it is really is a loan....unless you have no assets to start with. Those people apparently get it for free?
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