✉news BusinessPersonal Finance first seen 17 h ago, last 2 h ago, peak #13

Medicaid Tells Man to Surrender Small Life Policy Over $100 Count

Original: His Life Insurance Has a $1,600 Face Value, $100 Over the Line. Medicaid Counts the Cash Inside It and Told Him to Surrender the Policy Before the Nursing Home Was Covered

A man seeking Medicaid coverage for nursing home care was told to surrender his life insurance policy before his care could be paid for. The policy has a face value of $1,600, just $100 above the asset limit Medicaid allows, because the program counts the cash value of whole life policies rather than the death benefit. Critics say the rule punishes modest savings and forces people to give up coverage that cost years of premiums.

Why now: Stories of Medicaid asset rules forcing people to abandon tiny policies are circulating as families navigate long-term care costs.

Medicaid

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Evidence

• His Life Insurance Has a $1,600 Face Value, $100 Over the Line. Medicaid Counts the Cash Inside It and Told Him to Surrender the Policy Before the Nursing Home Was Covered · 24/7 Wall St.

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