Does life insurance affect financial aid? I mean Medicaid?
Total Comments: 7
Posted: Tue Apr 16, 2013 08:56 am Post Subject:
Yes, it does. Most states only allow $2000 or less than that is asset to qualify for Medicaid. If your life insurance policy is worth more than $1500 in cash value, you need to dispose off the asset by either cashing it in and draining the money or permanently assigning the policy or cash value to a funeral trust or funeral home.
Posted: Tue Apr 16, 2013 01:25 pm Post Subject:
If the cash surrender value is greater than $1,500 it is a counted asset for Medicaid.
Posted: Tue Apr 30, 2013 01:23 pm Post Subject:
You can change ownership, however Medicaid will look back at least 3 years--I've heard they are looking at who the payer is too.
Posted: Thu May 02, 2013 09:07 am Post Subject:
I don't think so. By the way check this out. (Promotional link removed as per TOU)
Posted: Wed Jun 12, 2013 03:15 pm Post Subject:
Medicaid will look back at least 3 years
The Medicaid "look back" period for transferred assets was increased to 60 months about five years ago. Any assets which were transferred within that time limit will remain countable toward the spend down test. The problem this creates is that since the asset is no longer owned, the only way to meet the spend down test is to liquidate other assets, such as savings.
Good advice is worth every penny you pay for it. Bad advice is priceless.
Posted: Sat Jul 13, 2013 08:30 am Post Subject:
Just what I've read recently, It will affect financial aid because Medicare will be privatize or in other words give seniors vouchers to buy it from private insurers. Well, it is one of the many federal programs that are fast going to being out of financing. Numerous solutions have been recommended, such as privatized Medicare plans that would issue vouchers for individuals to buy insurance with. However, a study has discovered that privatizing it would result in premium increases for most recipients. A part of the Romney-Ryan program for just what to do about Medicare is to privatize it, or in simple terms give seniors coupons to purchase it from private insurers.
Read more here [Deleted per tou].
Posted: Sat Jul 13, 2013 02:37 pm Post Subject:
Not going to happen anytime soon. Congress has no desire to change the Medicare system other than perhaps TAKE AWAY Medicare Advantage plans.
Posted: Tue Apr 16, 2013 08:56 am Post Subject:
Yes, it does. Most states only allow $2000 or less than that is asset to qualify for Medicaid. If your life insurance policy is worth more than $1500 in cash value, you need to dispose off the asset by either cashing it in and draining the money or permanently assigning the policy or cash value to a funeral trust or funeral home.
Posted: Tue Apr 16, 2013 01:25 pm Post Subject:
If the cash surrender value is greater than $1,500 it is a counted asset for Medicaid.
Posted: Tue Apr 30, 2013 01:23 pm Post Subject:
You can change ownership, however Medicaid will look back at least 3 years--I've heard they are looking at who the payer is too.
Posted: Thu May 02, 2013 09:07 am Post Subject:
I don't think so. By the way check this out. (Promotional link removed as per TOU)
Posted: Wed Jun 12, 2013 03:15 pm Post Subject:
Medicaid will look back at least 3 years
The Medicaid "look back" period for transferred assets was increased to 60 months about five years ago. Any assets which were transferred within that time limit will remain countable toward the spend down test. The problem this creates is that since the asset is no longer owned, the only way to meet the spend down test is to liquidate other assets, such as savings.Good advice is worth every penny you pay for it. Bad advice is priceless.
Posted: Sat Jul 13, 2013 08:30 am Post Subject:
Just what I've read recently, It will affect financial aid because Medicare will be privatize or in other words give seniors vouchers to buy it from private insurers. Well, it is one of the many federal programs that are fast going to being out of financing. Numerous solutions have been recommended, such as privatized Medicare plans that would issue vouchers for individuals to buy insurance with. However, a study has discovered that privatizing it would result in premium increases for most recipients. A part of the Romney-Ryan program for just what to do about Medicare is to privatize it, or in simple terms give seniors coupons to purchase it from private insurers.
Read more here [Deleted per tou].
Posted: Sat Jul 13, 2013 02:37 pm Post Subject:
Not going to happen anytime soon. Congress has no desire to change the Medicare system other than perhaps TAKE AWAY Medicare Advantage plans.
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