SSI/MedIcaId and PrePaId Personal Items Cash Funeral arrangements Life Insurance Prepaid Funeral Arrangements
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1 SSI/Medicaid and Prepaid Funeral Arrangements
2 SSI/Medicaid and Prepaid Funeral Arrangements If you or a family member expects to become SSI/Medicaid eligible within the next six months, you are a candidate for the prepaid funeral resource exclusion. Supplemental Security Income (SSI) and/or Medicaid permit individuals to set aside money in a prepaid funeral arrangement without the money being counted as a resource for program eligibility purposes. In addition, the money set aside for prearrangements is not subject to the look-back requirements usually associated with becoming SSI/Medicaid eligible. By making prearrangements you will be able to plan and pay for the funeral of your choice BEFORE assets are used up for medical care and/ or BEFORE assets are reduced to SSI/Medicaid eligibility levels. Prearranging your funeral also allows you to arrange a funeral of your choice for you or someone else as long as: The cost of funeral is within reason. The prepaid account is irrevocable, meaning the money cannot be refunded or used for any purpose other than funeral costs. To take advantage of the prepaid resource exclusion, you should meet with a funeral director to discuss your options.
3 Three Ways to Fund a Prepaid Funeral Under the guidelines of SSI/Medicaid there are three ways available to pay for your prearranged funeral. 1) Irrevocable Prepaid Funeral Trust Account.* An irrevocable prepaid funeral trust account is an account that cannot be redeemed. It has 100 percent of the principal and interest accrued to the benefit of the trust account, the investments of which are limited to Federal Deposit Insurance Corporation (FDIC) insured bank deposits. Most New Jersey funeral homes use the New Jersey Prepaid Funeral Trust Fund, which is a commingled (pooled) trust managed by the New Jersey State Funeral Directors Association, Inc. The New Jersey Prepaid Funeral Trust Fund serves more than 51,000 active consumers in over 640 funeral home locations. All funds are invested in jumbo certificates of deposit which allow the trust to offer highly competitive interest rates and growth from the day of deposit. As a matter of fact, the Trust has grown to more than $315 million in trusted assets since its inception in And, unlike traditional savings accounts which may become inaccessible at the time of death, your New Jersey Prepaid Funeral Trust Fund account is immediately available to cover funeral expenses.
4 2) Irrevocable Assignment of Existing Insurance Policy or Combination of Policies.* When using this option, the cash value of the policy(ies) cannot exceed (either alone or in conjunction with a trust) the current retail value of the proposed funeral. As with a trust, the ownership and/or beneficial interest of the policies must be irrevocably assigned to another party with the intended purpose of funding a funeral. 3) A Newly Issued Funeral Insurance Policy.* This third option allows individuals to use a new insurance policy marketed specifically for the payment of funeral expenses. This option can only be done if the ownership and beneficial interest can be irrevocably assigned to meet the intended purpose of funeral payment, or if the policy has a settlement of proceeds provision allowing for the payment of the funeral bill prior to the settlement of any beneficial interest. These types of policies MUST be written by a funeral director who is also licensed as an insurance producer and meets specific requirements. * State law requires that any excess money remaining in irrevocable accounts after funeral expenses have been paid be forwarded to the State of New Jersey.
5 Allowable Assets to Qualify for SSI/Medicaid SSI/Medicaid allows you to retain certain assets and still qualify for benefits. Be sure to consult your local Department of Human Services for additional details, as SSI/Medicaid programs are subject to change. Personal Items clothing, furnishings, appliances, jewelry, equipment, car, etc. Cash limited to $2,000 liquid assets for an individual. Life Insurance when an existing whole life insurance policy has a face value of $1,500 or less, it is not applied toward allowable cash assets. If the face value is more than $1,500, the cash value of the policy will be applied toward the total allowable cash assets. Prepaid Funeral Arrangements your total funeral costs may include: funeral director s professional services, funeral home facility and staff charges, transportation charges, casket, vault, similar merchandise, and cash advances for clergy, cemetery/crematory, monument, etc. SSI/Medicaid allows these funds to be deposited into one properly established irrevocable account tied to a prepaid funeral contract. These arrangements may not include repasts (meals following the funeral), excessive flowers or long distance transportation expenses for family members to attend the funeral or accompany the remains to their place of final disposition.
6 Elder Law Attorneys Elder law is a growing legal specialty that deals with specific issues concerning older persons. Elder law attorneys can assist with SSI/Medicaid spend down, filing for public assistance benefits, and the preservation and/or transfer of assets to avoid spousal impoverishment. In addition, elder law attorneys can help individuals with probate and estate planning, guardianship and conservatorship, and health and long-term care planning. To find an attorney in your area that specializes in elder law you can contact the National Academy of Elder Law Attorneys at the American Bar Association at or visit for a listing. More Information To find out more information on SSI/Medicaid and prepaid funeral arrangements, contact your local funeral director today. Visit to find a funeral home near you. Preneed programs endorsed by the New Jersey State Funeral Directors Association, Inc New Jersey Funeral Directors Services, Inc. All rights reserved.
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