As you know, Medicaid has strict spend-down compliance guidelines. The funds your residents are allowed to have in their bank account are regulated by the state and asset accumulation is limited. You, better than most, understand the difficulty of keeping a resident’s assets within compliance.
Medicaid limits assets to $2,000 and in most cases states only allow $1,200 to be set aside for funeral expenses.
Medicaid eligibility-- imposes a limit on the amount you can set aside for residents to cover funeral expenses. Further, several states limit funeral expenses to as little as $1,200. This puts the financial burden on family members to cover funeral expenses. How can anyone receive a dignified funeral for $1,200?
We work with Assisted Living Facilities on helping their residents with a qualified Medicaid asset spend down Funeral Expense Solution. Life Insurance held in Trust allows up to $15,000.00 to be set aside for Final expenses.
SOLUTION
The solution of having the funds needed for a dignified memorial service has been solved:
BENEFITS OF THIS SOLUTION INCLUDE:
Please contact us if you cannot find an answer to your question.
Medicaid allows up to $15,000 asset exclusion for life insurance burial funds that are held in an Irrevocable Trust. (please check with your state as each state varies on exclusion limits.)
It's simple and safe!! These funds are protected with Life Insurance. The irrevocable trust is held by the insurance company and assignment is immediate upon completion of the one page application. There are no Trust set up fees.
No. We work with Assisted Living Facilities throughout the US. Most often signatures come from Rep Payees and anyone thats authorized to sign on the insureds behalf.
Life Insurance held in an Irrevocable Trust allows up to $15,000 in most states.
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