Re: Medicaid Insurance Quick Question

[Guest guest]

Thank you I did get my answers yesterday.

Shirley

 

From: momofchris2007 <slpanda2@...>

Subject: Medicaid Insurance Quick Question

IPADDUnite

Date: Friday, August 5, 2011, 4:41 PM

 

Can anyone answer this question quickly? When filling out the medicaid form it

asks if you have any Life Insurance and what is the face value. If your parents

have a Life insurance policy on you and they are the beneficiary does that count

and you do not have to list that right? And if your son or daughter has a job

and they offer a life Insurance policy through work do you have to list that?

I have a life insurance policy on my son and he has one with work if he dies he

gets 1x his salary. I got a letter to fill out to make sure he still qualifies

(HBWD) and it just dawned on me I never put anything about these on the original

forms. OMG was I supposed to? I do not think the one at work would have any cash

value and the one I bought shouldn't matter right? Anybody know?

Shirley

[Guest guest]

With  life insurance, there are 3 parties involved:

The owner

The insured - whose life it is on

The beneficiary - who gets the money when the insured passes

 

Our kids should NEVER be the OWNER - as the cash value will count for Medicaid.

Our kids should NEVER be the beneficiary - as when the insured passes, our kids

will get the money. A special needs trust is the better beneficiary.

 

From: momofchris2007 <slpanda2@...>

IPADDUnite

Sent: Friday, August 5, 2011 11:41 AM

Subject: Medicaid Insurance Quick Question

 

Can anyone answer this question quickly? When filling out the medicaid form it

asks if you have any Life Insurance and what is the face value. If your parents

have a Life insurance policy on you and they are the beneficiary does that count

and you do not have to list that right? And if your son or daughter has a job

and they offer a life Insurance policy through work do you have to list that?

I have a life insurance policy on my son and he has one with work if he dies he

gets 1x his salary. I got a letter to fill out to make sure he still qualifies

(HBWD) and it just dawned on me I never put anything about these on the original

forms. OMG was I supposed to? I do not think the one at work would have any cash

value and the one I bought shouldn't matter right? Anybody know?

Shirley

[Guest guest]

Sherri, thanks, I was confused for a minute but was assured that neither one

needs to be involved.  The one he has through work is only worth something if

he dies and as long as he works there, and there is no face value, and the

other is not owned by him and he is not the beneficiary.  I remembered asking

this when we first applied and received the same answers then but just forgot. 

I was having one of those weeks and forgot.  This was a good question and maybe

others had questions about this too.  This is a good subject to talk about tho

if anyone else has kids that work and might have insurance through work. 

Thanks for the response.

Shirley

From: Sherri Schneider <benefithelpss@...>

Subject: Re: Medicaid Insurance Quick Question

" IPADDUnite " <IPADDUnite >

Date: Saturday, August 6, 2011, 3:19 PM

 

With  life insurance, there are 3 parties involved:

The owner

The insured - whose life it is on

The beneficiary - who gets the money when the insured passes

 

Our kids should NEVER be the OWNER - as the cash value will count for Medicaid.

Our kids should NEVER be the beneficiary - as when the insured passes, our kids

will get the money. A special needs trust is the better beneficiary.

 

From: momofchris2007 <slpanda2@...>

IPADDUnite

Sent: Friday, August 5, 2011 11:41 AM

Subject: Medicaid Insurance Quick Question

 

Can anyone answer this question quickly? When filling out the medicaid form it

asks if you have any Life Insurance and what is the face value. If your parents

have a Life insurance policy on you and they are the beneficiary does that count

and you do not have to list that right? And if your son or daughter has a job

and they offer a life Insurance policy through work do you have to list that?

I have a life insurance policy on my son and he has one with work if he dies he

gets 1x his salary. I got a letter to fill out to make sure he still qualifies

(HBWD) and it just dawned on me I never put anything about these on the original

forms. OMG was I supposed to? I do not think the one at work would have any cash

value and the one I bought shouldn't matter right? Anybody know?

Shirley