Mom is in a Nursing Home Rehab Program, and Medicare will run out in 2-weeks.
We are applying for Medicaid. Here are specific questions I need advice on.
1. My mom's assets are not to exceed a total of $3,500. Correct? Is there a specific break-down of these assets???? for example... $2,000 in cash and $1,500 life insurance or?
2. Mom has a pre-paid buriel plot. The value of this means NOTHING to Medicaid, right? Therefore it has no effect on the $3,500?
3. Mom has approximately 2,000 in the bank, therefore that would count towards the cash asset, right?
4. Mom has a life insurance policy worth $4,000 death benefit and $3,700 cash value. I believe she can have life insurance of 1,500, but if it exceeds this...then what?
Does the $1,500 life insurance which she can have...count towards teh cash asset total? Or is the base $1,500 exempt?
I'm considering cashing this policy in, then pre-paying funeral services. Would cashing this policy in, the same week we are applying for Medicaid cause concern if used for pre-paying funeral services?
- The life insurance company sent me a Irrevocable Funeral Home Assignment, if we sign this, I assume all monies go from life insurance to the Funeral Home, would you suggest this?
Thanks for your advice.