Once you hit 65, you’ll potentially qualify for Medicaid assistance. However, assets such as retirement accounts, stocks, and valuable possessions can put you out of the eligible range. To lower your total list of non-exempt assets without wasting money, spending down for funeral preplanning is a wise idea. The guide below explains why and gives some tips for preparation.

What Does It Mean to Spend Down for a Funeral?

Simply put, investing in an irrevocable funeral preplanning contract is exempt from Medicaid considerations up to a certain cap. The contract must be irrevocable, or the money can still be counted as an asset. While this isn’t the only method of spending down (nursing home care is another common option), it’s a wise preparation to undertake. Not only does this planning ensure that your final wishes are carried out, but it also relieves the financial burden on your family members.

How Can You Prepare?

The first step to spending down with funeral preplanning is finding a funeral home that you trust. It’s never easy to think about passing away, but working with compassionate, caring experts can make the process less taxing. You’ll have to decide whether you want to be buried or cremated, where you want your final resting place to be, and how you want your memorial service to be held. With these preparations in place, you can have peace of mind about your final wishes. You’ll also know that you won’t put your family members in a stressful situation.

If you’re looking to spend down to reach Medicaid eligibility, contact Robert W. Waid Funeral Home in Meadville, PA. Whether you’re funeral preplanning for yourself or arranging a memorial service for a loved one, their empathetic staff can support you along the way. They’re also a member of Selected Independent Funeral Homes, Pennsylvania Funeral Directors Association, and the National Funeral Directors Association. Visit them online or call (814) 724-1021 to learn more about their offerings.