Q: What should my medicaid dependent mother (ICP) do if she overlooked a cash value $4K insurance policy she had from 2012?
My mother has been in a nursing home since 2012 and my father had a $50K face value life insurance policy with a cash surrender value that has increases to about $4K for many months. Should she borrow money against it, will Medicaid ask for their money back if it was an oversight?
Thanks!
A: I would need some more facts to help you with this question. Is your father still living? If he is still living, and he does not also live in a nursing home, then he can have $126,420. in assets. The facts you provide are a little bit unclear as to who owns this policy. You are welcome to repost the question with more information or you are welcome to call my office for a free 15 minute phone consultation, and I will do my best to answer this question for you.
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