Medicaid Spend Down
How Prepaying Funeral Expenses Can Help Qualify You for Medicaid
Prepaying for funeral expenses is a strategy known as a “spend down.” It allows you to set aside funds to help reduce your countable assets, making you eligible for Medicaid.
How It Works:
- You can establish an irrevocable contract to prepay funeral and burial costs.
- These prepaid funds are considered exempt assets and will not be included in your Medicaid eligibility calculation.
- Funds can be used for a variety of funeral services, such as embalming, clothing, flowers, and more.
Planning Ahead:
- This plan not only helps protect your assets but also ensures that your family has peace of mind and will not have to make difficult decisions during a difficult time.
State-Specific Details:
- It’s important to work with a funeral director experienced in Medicaid spend down to confirm that funeral expenses are eligible for the spend down process.
- Medicaid caseworkers may review contracts to ensure they are fully funded.
How to Get Started:
- If you’re ready to plan ahead and protect your legacy, schedule a consultation with us to learn more about how you can prepay for funeral expenses.
