Medicaid has strict income and asset limits.
Q. My mother has early onset Alzheimer’s and is moving into a facility that has a two-year spend down prior to Medicaid. We’re getting all of her financials in order and are aware of the five-year lookback. A friend had told me about modified whole life insurance that is advertised more or less as meant for funeral/burial arrangements and is guaranteed acceptance.
Would this type of insurance be looked at as an asset in the eyes of Medicaid and disqualify her in a couple years when we go to apply for it?But we’re glad she has help from you.said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.if the policy’s face value is less than $1,500,” she said. “If the face value is more than $1,500, Medicaid will count the cash surrender value toward the $2,000 limit.”Good luck.
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