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Is the Cash Value of a Life Insurance Policy a Countable Asset for Medicaid

  • November 18th, 2014
Q
My wife is the owner of a life insurance policy on our daughter. Will the cash value of the life insurance be exempt from our countable assets if I go on Medicaid long-term care? 
A

Although I can’t be sure about the rules for all states, where I practice in Massachusetts the cash value would be countable.  It also depends on what the cash value is.  For details on the general rules regarding the effect of life insurance on Medicaid eligibility, click here.

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Local Elder Law Attorneys in Ashburn, VA

Jean Ball

Hale Ball Carlson Baumgartner Murphy PLC
Fairfax, VA

Judith Mitnick

Needham Mitnick & Pollack, PLC
Falls Church, VA

Loretta Williams

Hale Ball Carlson Baumgartner Murphy PLC
Fairfax, VA


Last Modified: 11/18/2014

Medicaid Rules, etc