Medicaid and Funeral Arrangements

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Health care costs have risen dramatically over the past decade, often at a rate two or three times that of inflation. After working an whole lifetime, many citizen are devastated by their health care costs upon retirement. A primary estimate of citizen need to live in nursing homes, the cost of which swiftly drains an individual's assets. Medicaid will sustain with health care costs for citizen over 65; but to qualify for Medicaid citizen often spend their life savings and assets. However, with proper planning, you can ensure that your financial legacy stays intact while qualifying for primary medical aid.

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How is Medicaid and Funeral Arrangements

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What is Medicaid?

Medicaid is a health insurance schedule funded and managed by both state and federal governments. Medicaid offers medical treatment, along with nursing home care, for low-income individuals who are 65 or older, blind or disabled. cost is made directly to the health care provider.

Medicaid Eligibility

To qualify for Medicaid sure requirements must be met. These may consist of your age, earnings and other assets (anything that can be sold for cash) and either you are a U.S. citizen or a lawfully admitted immigrant. The rules for counting your earnings and resources vary from state to state and from group to group. There are extra rules for those who live in nursing homes. Because Medicaid eligibility is based on need, a someone is not eligible to receive benefits if they have earnings or assets that exceed the limits established by each state or county. If someone's assets are more than the state allows, he or she will have to liquidate their assets to pay for care before they will receive aid from the program. Assets consist of checking/savings accounts, mutual funds, stocks and bonds, deferred annuities, the cash value of most life insurance policies, revocable living trusts, seclusion funds, and burial trusts beyond a minimum amount. It is important to consider ways to ensure that you can protect your assets and still receive aid from Medicaid. States can look back to find asset transfers between 36 and 60 months prior to the date an individual applied for Medicaid. These transfers may restrict the estimate of
insurance benefits you receive. It is important to touch an elder law attorney before you effort to qualify for Medicaid coverage.

Prepay Your Funeral

One of the ways you can protect your assets from being carefully a liability against Medicaid approval is to prepay your funeral. This must be done properly in order to be legally binding. First, you must buy an insurance procedure specifically for your final expenses. With the help of your insurance agent, you then irrevocably assign this procedure to a trust or funeral home. Up to a legally carefully amount, most Medicaid agencies exclude these funds when determining eligibility. This process ensures that you have the money you need for the remembrance that you want. It will also ease your family of the burden of funeral expenses during their time of loss. Finally, it is a official way to sacrifice your assets and make sure you are eligible for the health care aid you need.

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