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Medicaid and Life Insurance

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jmikey

Junior Member
What is the name of your state?What is the name of your state? TX
My brother is currently eligible for Medicaid in the state of Texas. I own a life insurance policy where he is the named insured and I am the beneficary. He is not the owner of the policy. Is this policy counted as a personal asset of his under Texas or federal law?
 


bjl1105

Member
jmikey said:
What is the name of your state?What is the name of your state? TX
My brother is currently eligible for Medicaid in the state of Texas. I own a life insurance policy where he is the named insured and I am the beneficary. He is not the owner of the policy. Is this policy counted as a personal asset of his under Texas or federal law?

The owner of the policy is the owner of the asset. No, it is not his asset under state or federal law. He cannot cash it in; it is not his to own.
 

tigger22472

Senior Member
reywaL said:
now why would you do that to your brother? why would you insure him and make yourself the beneficiary? :eek:

That could be as simple as if he were to pass away and didn't have insurance he is now covered and why not be the beneficiary? The OP is the one paying the premium. Not everyone who takes out a life insurance policy on someone else is out to get them.
 

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