To learn more,
contact us today!
2773 S. Queen Street
Dallastown, PA 17313
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:
|Preneed Insurance||Funeral Expense Trust||Savings/ Money Market||Certificate of Deposit||Traditional Life Insurance/ Annuity|
|Protects death benefits from federal income taxes||X||X||X|
|Considered an excluded asset when attempting to qualify for Medicaid/SSI||X||X||No, unless the CD is put into a trust for funeral expenses.|
|Protected from Probate, lawsuits and creditors||X||X||Depends on your state.|
|Offers growth to protect against inflation||X||X|
|Pays benefits directly to the funeral home first||X|
|Pays funeral costs first with any excess funds going to the estate of the insured||X|
|Tax penalties apply||X||X||Yes for annuities, but not life insurance|
|Not protected from probate, lawsuits or creditors||X||X|
|Does not pay benefits directly to the funeral home||X||X||X|
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.