Funeral services play a significant role in the grieving process. They allow family and friends to say farewell and pay tribute to a loved one. However, making arrangements following a loss can present a challenge for loved ones left behind.  And when the deceased has been enrolled in the Medicaid program the issues can be even more complicated.  Although Medicaid typically has a legal claim on any assets owned by individuals enrolled in its program, there are rules in place which allow some assets to be set asset for funeral expenses.  Advance planning cam help ensure that families can ensure that assets are available to cover funeral expenses.

What to Know About Using Medicaid to Cover Funeral Service Costs

Does Medicaid Cover Funeral Expenses?

Medicaid is a government-funded program that provides low-income Americans with health insurance. Unfortunately, coverage doesn’t include the cost of funeral services in any manner. Despite this, Medicaid can still provide financial help with arrangements. You can set money aside in a specialized funeral trust without having it count toward your assets. The funds will be available to pay for your final expenses upon death.

Understanding Funeral Trusts

Funeral trusts can be revocable or irrevocable, but the best way to protect your money is to choose the irrevocable option. This will guarantee all of the money goes toward funeral services and prevent Medicaid from spending it on long-term care if you require it in the future. Additionally, the only way you can dissolve and irrevocable trust is by passing away. Typically, you fund a trust with cash, life insurance, or bonds. In Ohio, the maximum value for funeral trusts is $15,000, which your family can use to cover final expenses.

For assistance creating a prepaid funeral plan, turn to Henderson-VanAtta-Stickle Funeral & Cremation Service. They offer a variety of solutions to ensure your arrangements fit your wishes. Since 1884, their team of compassionate professionals has been helping families across Licking County, OH, navigate through difficult decisions. If you want to learn more about preplanning your funeral services, call (740) 345-9864. Also, visit the website to view all the services they offer.