My dad is the policy holder but me and my siblings are the beneficiaries. Can Medicaid take everything? She is currently living in a nursing facility and we are in the process of applying for medicaid. My mom is not expected to live more than 1 to 2 years. Should we even get medicaid envolved? Thanks in advance for your answers. My family and I are so overwhelmed and want to make the right decisions.
You suggest that there may be a choice about whether or not to use Medicaid. That indicates to me that there are still assets available so I'd suggest that you and you dad talk with an elder law attorney about how best to handle this.
Good luck,
Carol
Does she own a house? That is typically how medicaid is paid back. (from the sale of the home.) During the 5 year look back, medicaid will look at your mom's spending to see if she was giving money away, in order to qualify.
The value of the policy can be considered an asset.