If you have Medicaid you may be wondering if it will cover the cost of your funeral service and how you will afford a burial or cremation. While there are many things that Medicaid covers, it’s a good idea to have other options for your funeral. Preplanning and using insurance is one option to consider. The costs of funerals are not covered directly by these programs at the moment. However, Medicare offers beneficiaries Medical Savings Accounts (MSAs) that can be used for certain medical expenses, including funerals. Investing in long-term health care does not affect your eligibility for long-term health care because the money you save does not count as assets. If you are worried about the cost of a funeral service at funeral homes in Melrose Park, IL, be sure to consider this information.
Medical account savings plans cover things like prepaid future plans, burial funds, and burial space items, along with other health expenses. In order to qualify for long-term medical care, people should consider purchasing a future funeral plan, according to My Tribute Planner. Those without Medicaid eligibility, or those with assets exceeding the exempt amount, may benefit from this program. To qualify for Medicaid, you can spend down if your income exceeds the limit. Medical bills are paid down by prospective Medicaid recipients when they have excess income. A person’s income cannot be taken into account when determining eligibility for Medicaid. You can save money by spending down your assets into a funeral expense account. If the account value happens to be a handsome one, the contract cannot be canceled. Asset charts do not include the contract in its terms.
Funeral services can be paid for with these funds. Either the applicant or his or her spouse can meet the Medicaid eligibility requirements. In addition to flowers, honoraria, police escort, and obituaries, burial funds can be used to pay for everything necessary. Funds in a revocable account can be withdrawn for the value if they are less than $1500 if they are in a revocable account. It is possible to leave larger amounts in an irrevocable account.
A burial space item refers to a vault, an urn, a casket, and anything else that can be part of the burial space. An applicant as well as the spouse and any other immediate family member are allowed to purchase burial space items using Medicaid. Items must be placed in the irrevocable account.
If you are wondering how to pay for your funeral services or if Medicaid will help cover the costs, keep these points in mind. There are different options available to help make your funeral services more affordable. If you have questions about these options or just want some help working out the details of your funeral service, don’t be afraid to reach out to us. We are happy to assist you with all aspects of your funeral planning at funeral homes in Melrose Park, IL. Give us a call or stop by today to learn more.