Medicaid counts irrevocable prepaid funeral contracts as an exempt asset. So as you are looking to pay down assets to become eligible for Medicaid, you can count prepaid funeral contracts as one more tool in your tool box. Have whole life insurance or a revocable funeral contract? We can work with you to convert those to exempt assets. Contact one of our Putnam Funeral Homes to get started!
Important Notice about Medicaid Eligibility Rules
Please be aware that Medicaid rules vary greatly from state to state and are constantly changing. The listed examples of exempt and non-exempt assets may vary from state to state and will often depend on a variety of individual factors. Most states follow the Social Security Administration’s (SSA) Supplemental Security Income (SSI) guidelines to establish Medicaid eligibility. The following states use their own rules to establish eligibility for Medicaid which are different from SSA’s SSI rules: Connecticut, Hawaii, Illinois, Indiana, Minnesota, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Virginia. An attorney can assist you in designing a Medicaid plan that preserves as many assets as possible under the laws and eligibility requirements of your state. Always speak to a qualified attorney who is knowledgeable in elder law before spending down or transferring assets to qualify for Medicaid. The purchase of a prepaid funeral contract is an important part of your complete Medicaid plan, so be sure to consult a licensed funeral director who can assist you in creating a properly structured prepaid funeral plan.