By preplanning your funeral, you can:

• Offer your loved ones peace of mind knowing they won’t be burdened with making these decisions for you.
• Help eliminate emotional overspending that can occur from grief or guilt when loved ones are left to make these decisions.
• Ensure a meaningful and personal funeral arrangement that reflects how you want your life to be celebrated.

Medicaid is a health insurance program funded by both state and federal governments to help people with low incomes and great need for medical care. Medicaid pays for medical treatment, including nursing home care and other services that may not be covered by Medicare or Medicare supplement programs. Payments are made directly to the health care provider.

To qualify for Medicaid, you have to meet the eligibility requirements, which include:

• be age 65 or older
• be blind or disabled
• be a U.S. Citizen or a lawfully admitted immigrant
• have low income and assets

Preplanning and prefunding your final expenses with the appropriate funding vehicle reduces your net assets helping you become eligible for health care assistance such as Medicaid. If irrevocably assigned, funeral insurance will not be considered as a personal asset.

Each state has established a limit on the amount of income and assets people who are on Medicaid can have. If your assets are more than your state allows,  you will be required to either spend them down or move some of those assets into options that are considered exempt.

It is important you consult with a legal advisor since transfers done incorrectly can create a penalty period of ineligibility for Medicaid.

According to a 2004 AARP report, the total cost of a funeral can easily reach $10,000 when the costs of cemetery property and a grave marker are included. The actual cost varies and will depend on your individual choices.

There are several options for paying your final expenses in advance, each with varying advantages and disadvantages:

Contact Golden Considerations today for:

• More information on preplanning funding options
• Access to our exclusive network of over 600 funeral homes
• Additional Preplanning resources

Call: 1-800-405-4232, Mon-Fri between 8:00 a.m. – 5:00 p.m. or contact us online.