Need to apply for medicaid for mom with alzheimers. She has small non qualified annuity and life insurance with cash value at 10 k. Can I as POA, just remove the money , take the penalty and use money that was removed for penalty period for nursing home care?
Asked on 12/16/21, 4:54 am
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
If you access the money, it needs to be applied to private pay for the nursing home until your mom qualifies for Medicaid. If you use it otherwise, you could cause a penalty on the onset of your mother's Medicaid benefits. Your proposed plan doesn't really get you anywhere.
Answered on 12/19/21, 5:39 pm
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