Hello My mother is trying to apply for Medicaid and cashed out on her life insurance that was worth 5000. She cashed it out for 3020.00 Not sure if it is term life or whole though But either way can she still be eligible or will she just get a penalty? Or does it automatically make her ineligible if it is whole life
Asked on 5/31/17, 3:13 pm
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
When she cashed out the policy and put the cash in her bank account it's not part of her total assets. So now it doesn't make a difference as to whether it was term or whole life.
Answered on 6/01/17, 9:35 am
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