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
[email protected] 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.
*If I am consenting on behalf of someone else, I have the proper authorization to do so. By clicking Get My Results, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
This dang policy was meant to be a term life one!
1 involves Medicaid & 2 doesn't.
My suggestion first is the non Medicaid one. The annual cash value is $ 485, correct? Ask the insurance company if the full $ 485 can be re-invested into the policy. So that each year the $ 485 increases the base line of the policy by that amount. Think of the $ 485 as a dividend that gets reinvested. Often for old insurance policies that are paid up, they produce a dividend (my mom has a term life insurance policy that does this). The dividend which is small like your mom's, then gets reinvested into the policy. So policy increases each year by this amount. The dividend goes in automatically too. No gain. Now yours is a whole life policy, so they may not be able to do this, but ask and get the paperwork to do it once you know it will not be an issue for Medicaid.
If you can do this, it means no actual in your pocket gain. Hopefully not an issue for Medicaid. BTW for my mom's dividend, I do report it and the amount in her annual recertification for Medicaid. The amount is amortized over 12 months, so the amount it increases her income / assets is so small it makes no difference for Medicaid. Like for you 485 is $ 40 a mo. So if Medicaid gives you an issue on all this, you have this line of thinking as an explanation.
My experience with Medicaid, is that you want to already have a solution for whatever ? that could come up. The initial caseworker is pretty minimal in training on financial issues, so their answer tends to be NO unless you already have the problem solved with a bow on it for them to place in mom's file. Understand?
Also you want to make sure just how the beneficiary reads in the policy. If it is not to an individual (like you or another sibling), it could be that the beneficiary of the policy is the estate. If so, that may mean another pile of paperwork after death for MERP compliance as the $$ is an assets of her estate. If it is a NCV policy to the FH directly that scenario is avoided. So carefully read the policy. Good luck too.