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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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It is only for $1,000.00. How do I make this go away?? it was mailed to her old address i want to write on it "moved return to sender" omg I am SO upset! Make it go away!!!!
So what you found is a life insurance policy with a face value of $ 1,000? Or a check from an insurance company to your mom for $ 1,000?
If its a policy & still in force, then whomever is the beneficiary of the policy after mom dies gets the $ 1K or whatever the value has become. A 1k policy is pretty low, if it's an old old policy it could well be paid up & produces a dividend. If so, there are 2 things that may happen: mom will get a check for the divided $ paid or the dividend $ will plow back into the insurance policy. Either way the dividend amount of $ will produce a tax form from the insurance co. My mom had an old old paid up term policy and the dividend $ was reported as income on her annual medicaid renewal /recertification but the amount was amortized for the year so that the check would not take my mom over the monthly income limit allowed by Medicaid. It's pretty common as the caseworker knew exactly how to deal with it.
You probably don't want to cash in the policy because that will be $ that will make her ineligible as it will likely be the face value plus dividend or interest & I'd bet once added into whatever mom has as monthly income will take her over the limit for income & assets allow by Medicaid.
If its a check, it's income paid to mom and has to be reported in the month received or cashed. The insurance co will mail a tax form on it with moms SS# to the IRS. It will show up as income. Again as above, it could make mom negligible for medicaid as it could take mom over the maximum income & assets allowed by medicaid. If this is the case, soak with your moms caseworker about how to deal with.....usually if they start the month poor & eligible and then do a quick spend down on something they need (like new eyeglasses & hearing aids or a prepaid funeral policy) so that they end the month poor & eligible it's fine. You have to get the timing right as the eligibility rules are pretty inflexible and set. Ask the caseworker as this stuff happens all the time.
The policy just doesn't go away because you marked it return to sender. Really having a paid up policy is a good thing to be able to pay for funeral & burial or probate costs.
maybe this applies= "An applicant for Title XIX is allowed to keep a whole life insurance policy with a face value of up to $1,500, or a term policy of any face value (because a term policy has no cash value during the applicant's life)." I am asking lawyer today
thank you for answering. I have to read this again to understand you, i am a bit slow... I panicked and wrote some dumb things up there that I couldnt delete. I got scared. It is a whole life and the dividend pays for it... I dont think i have ever gotten anything about taxes about it in the mail. I dont have a case worker unless you mean the DSS and she has been zero help to me. So , i think I dont have to worry about it being counted as an asset with title 19. I was thinking maybe i should ask for a form to become the owner though?
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Or a check from an insurance company to your mom for $ 1,000?
If its a policy & still in force, then whomever is the beneficiary of the policy after mom dies gets the $ 1K or whatever the value has become. A 1k policy is pretty low, if it's an old old policy it could well be paid up & produces a dividend. If so, there are 2 things that may happen: mom will get a check for the divided $ paid or the dividend $ will plow back into the insurance policy. Either way the dividend amount of $ will produce a tax form from the insurance co. My mom had an old old paid up term policy and the dividend $ was reported as income on her annual medicaid renewal /recertification but the amount was amortized for the year so that the check would not take my mom over the monthly income limit allowed by Medicaid. It's pretty common as the caseworker knew exactly how to deal with it.
You probably don't want to cash in the policy because that will be $ that will make her ineligible as it will likely be the face value plus dividend or interest & I'd bet once added into whatever mom has as monthly income will take her over the limit for income & assets allow by Medicaid.
If its a check, it's income paid to mom and has to be reported in the month received or cashed. The insurance co will mail a tax form on it with moms SS# to the IRS. It will show up as income. Again as above, it could make mom negligible for medicaid as it could take mom over the maximum income & assets allowed by medicaid. If this is the case, soak with your moms caseworker about how to deal with.....usually if they start the month poor & eligible and then do a quick spend down on something they need (like new eyeglasses & hearing aids or a prepaid funeral policy) so that they end the month poor & eligible it's fine. You have to get the timing right as the eligibility rules are pretty inflexible and set. Ask the caseworker as this stuff happens all the time.
The policy just doesn't go away because you marked it return to sender. Really having a paid up policy is a good thing to be able to pay for funeral & burial or probate costs.
"An applicant for Title XIX is allowed to keep a whole life insurance policy with a face value of up to $1,500, or a term policy of any face value (because a term policy has no cash value during the applicant's life)."
I am asking lawyer today
I dont think i have ever gotten anything about taxes about it in the mail.
I dont have a case worker unless you mean the DSS and she has been zero help to me.
So , i think I dont have to worry about it being counted as an asset with title 19.
I was thinking maybe i should ask for a form to become the owner though?