2024 Burial Insurance Medicaid

Does having burial insurance or life insurance affect Medicaid eligibility? We get this question often. Medicaid eligibility requirements differ by state, but they all stipulate burial insurance and how owning a policy will affect your eligibility.

Do you already have a life insurance policy, or you’re considering purchasing one? This beneficial financial protection for your family doesn’t have to get in the way of your Medicaid eligibility.

Read on to find out how Medicaid works with burial insurance and if your insurance policy will affect your Medicaid application. We will also give you some life insurance options if you face Medicaid spend-down situation.

FOR EASIER NAVIGATION:

• What Is Medicaid?
• Medicaid Eligibility
• The Impact Of Life Insurance On Medicaid Eligibility
• Burial Insurance And Medicaid Asset Limit
• Medicaid Spend Down Rules
• How To Spend Down Life Insurance For Medicaid
• How Can Funeral Funds Help Me?
• Additional Questions & Answers On Burial Insurance Medicaid

What Is Medicaid?

Medicaid is a United States government-created medical insurance program. It provides medical care coverage for low-income individuals and families who do not have coverage under private insurance due to pre-existing conditions.

The federal government established Medicaid for people who could not access affordable medical care. Medicaid is administered at the state level. As of 2018, there are nearly 73 million Medicaid enrollees.

Here are the nationwide Medicaid enrollees by demographic group:

• Children – 45%
• Adults under 65 – 34%
• Disabled People – 14%
• Adults 65 and over, 9%

Medicaid is a welfare program, and to qualify for Medicaid benefits, you are only allowed to keep a certain amount of assets.

Individuals eligible for Medicaid don’t have to pay a monthly premium for benefits; however, there are some exceptions. In some cases, people receiving Social Security benefits have a nominal deduction depending on total income and resources to help supplement the cost of Medicaid coverage.

MEDICAID PROGRAMS

1. Medical coverage includes the most common forms of health care. Medical benefits cover the same health care services covered by Medicare and some services that Medicare does not cover.
2. Medicaid also pays Medicare premiums, deductibles, and copayments for people who are part of both programs.
3. Long-term nursing home care – It pays for medical care for chronic conditions where at least 2 of 6 daily living activities are permanently impaired.
4. Long-term, in-home personal care – this particular Medicaid-funded program is usually a bit more relaxed than other regular Medicaid programs.
5. Assisted living – in some states, Medicaid can pay some of the assisted living costs.

Medicaid Eligibility

People who can qualify for Medicaid include:

• Senior aged 65
• Low-income adults with or without children
• Pregnant women
• Disabled individuals

Depending on their income and assets, these people can be eligible for Medicaid. The state determines the limit on how much income and assets a person can have.

If your total assets exceed the limit, you will be required to spend them down. You can also move them into types of assets (that are considered exempt) before your Medicaid coverage is approved. You must transfer your assets 60 months or 5 years before you apply to Medicaid.

Medicaid looks at three areas related to the applicant’s finances:

1. Monthly income
2. Countable assets
3. Asset transfers made as far back as five years preceding application

Assets are divided into “exempt” and “non-exempt” categories. Exempt assets don’t factor in Medicaid eligibility. Non-exempt are subject to the state’s “spend down” requirements.

To qualify for Medicaid, your assets should not total more than $2,000 (the asset limit varies by the state in which you live).

EXEMPT ASSETS

Exempt assets are not counted for Medicaid qualification. These assets are not included in the countable assets.

Exemption varies from state to state, but generally, exempt assets include:

• Life insurance policies with accumulated cash value up to $1,500 – Term life insurance is excluded as an asset.
• Your primary place of residence, but it is subject to equity limits in some states.
• Personal property such as furnishings, appliances, belongings, and household goods is a cap on some states on the allowable amount.
• Revocable burial funds with a value of up to $1,500 per spouse. Other irrevocable burial contracts. Burial funds are specifically for funeral service costs, body transportation, embalming, cremation, clothing, flowers, and services of the funeral director and staff.
• An irrevocable contract for burial space items like caskets, vaults, urns, burial plots, headstones, cremation niches, opening and closing of the grave, and memorial park maintenance.
• One automobile, but there is a limit on the car’s market value.
• One wedding ring and engagement ring
• A married couple can keep more assets if one spouse is still healthy and does not need Medicaid. In most cases, they can keep half the assets up to the maximum amount.

NON-EXEMPT ASSETS (Countable assets)

Non-exempt assets are those assets considered as part of your countable assets when you apply for Medicaid. Countable assets will be considered available to you to use for paying the cost of your medical care.

• Savings accounts, checking accounts, and CDs
• Retirement accounts including IRA, 401(k), 403(b)
• Investment accounts like stocks, bonds, and mutual funds
• Revocable trust accounts
• Credit union accounts
• Trust (irrevocable funeral trust, depending on how they are set up and your access to them)
• Life insurance with cash value
• Cash surrender amount of life insurance with a face value of $1,500 or more
• Annuities that have not annuitized
• Promissory notes
• Second homes and non-business properties
• Automobiles, if more than one is currently registered
• More than one vehicle, boat, RV, etc.
• Jewelry and valuable art or collections
• Prepaid funeral contracts that are not irrevocable
• Property other than the primary residence

The Medicaid applicant’s monthly income should not exceed $2,205. The value of your countable assets cannot exceed $2,000, and you must not have any assets transferred within the previous 60 months.

Applicants with assets over the limits are typically denied Medicaid coverage, and their families are left to pay the high cost of a nursing home or care expenses out-of-pocket.

The Impact Of Life Insurance On Medicaid Eligibility

Life insurance is a great way to ensure your family is financially protected after death. However, life insurance policies may impact your Medicaid eligibility and public aid for long-term care at home, in a nursing home, or assisted living facility, depending on your policy’s type and face amount.

Let’s examine the type of life insurance policies to understand better when life insurance counts as part of your exempt assets and when it does.

LIFE INSURANCE POLICIES AND MEDICAID

Some life insurance policies affect Medicaid eligibility.

There are two common types of life insurance policies:

TERM LIFE INSURANCE

Term life insurance doesn’t impact Medicaid eligibility because it is considered non-countable assets exempted from Medicaid’s asset limit.

Term life provides coverage for a limited time, typically one year, 10, 20 to 30 years before the coverage expires. If you die within the term, a death benefit payout will be given to your beneficiaries. The policy terminates if you outlive your term, and the death benefit will not be given.

Term life insurance doesn’t accumulate cash value. You cannot cash out the policy because it has no value and won’t count as an asset. This is why term life insurance is exempted from the asset limit of Medicaid.

If you have term life insurance, it will not affect your Medicaid eligibility.

WHOLE LIFE INSURANCE

Whole life insurance policies give you coverage for your entire life and give death benefit payout to your beneficiaries when you pass away. Whole life insurance accumulates cash value, where you can take out a loan against the accumulated cash value or cash out the policy.

Cash value policies are not exempted from Medicaid’s asset limit since you can take out cash from your existing policy.

Whole life insurance policies can be exempt from a specific face value (the exemption amount varies by state). Depending on the face value of your whole life insurance policy, it can cause Medicaid ineligibility.

Burial Insurance And Medicaid Asset Limit

Most states have a $1,500 asset limit in life insurance face value. But, some states have a higher face value exemption on life insurance. Florida allows a $2,500 exemption, and North Carolina allows a maximum of $10,000.

Refer to the Medicaid website at www.cms.hhs.gov for the current limitations.

If your life insurance face value exceeds the asset limit where you live, Medicaid will add the cash value of your insurance policy to your non-exempt assets. But, if your policy’s cash value is below the exemption limit, the life insurance policy is not counted or exempt from Medicaid’s asset limit.

Example:

John lives in California and has a whole life insurance policy with a $1,200 face value and a $500 cash surrender value.  The exemption amount is $1,500 for whole life insurance policies in California. Therefore, John’s life insurance policy does not count towards Medicaid’s asset limit.

Some states have a partial exemption for face value exceeding the limit. Pennsylvania permits the exclusion of cash value up to $1,000 if the face value of your policy is over the exemption amount of $1,500.

Many states allow the exemption of face value from several smaller life insurance policies. The combined face value of the policies will not exceed the exemption amount for the state where you live.

However, some states, like Missouri, allow an exemption for only one whole life insurance policy. Missouri uses cash surrender value instead of face value.

There is a rule that a Medicaid applicant can have both a life insurance policy and a burial account in some states. Illinois permits up to $1,500 life insurance cash value or a maximum of $1,500 prepaid cancellable burial plan.

While the state of Georgia allows applicants to set aside a maximum of $10,000 in a burial account. The total face value of all the life insurance policies is added.  If you reach the maximum burial exemption amount of $10,000, any remaining cash value is considered an asset and not exempted.

In Missouri, a Medicaid applicant with a whole life insurance policy cannot have a pre-paid funeral plan. You will only have to choose one.

Medicaid Spend Down Rules

Medicaid applicants must spend down their available assets until they reach the qualifying level, which is $2,000 in most states (the qualifying level varies by each state).

Depending on the type of assets you try to preserve, the asset transfer must be done 60 months before applying for Medicaid coverage.

Medicaid application for long-term services and supports will be denied if your assets have been transferred for less than the fair market value within 60 months before applying for Medicaid coverage.

Your life insurance policy would either have to be surrendered for its cash value or converted for its fair market value to follow the spend-down rules. And the proceeds can be used to pay for long-term medical care.

Some alternatives include surrendering your insurance policy and spending down to preserve a portion of your death benefit.

Important note about Asset Transfer: Gifting away assets can result in Medicaid penalties because the “look-back periods” range between 36 months and 60 months or 5 years, depending on the state laws. The transfer of assets for less than its fair market value would not be a viable asset protection solution unless the transfer was made 60 months before you applied for Medicaid.

This look-back period rule applies to the life insurance policy and other non-exempt asset transfers. Penalties are based on the value of the transferred assets divided by the average monthly cost of care in your geographic area. The cost of care can range from $5,000 to $8,000 per month.

How To Spend Down Life Insurance For Medicaid

Having life insurance policies over the exempt amount does not necessarily disqualify you for Medicaid.

You need to implement some planning strategies to comply with the asset limit of Medicaid. Having your policy lapse isn’t the only option because you can use other planning techniques.

Here are the things you can do if your life insurance policy will disqualify you for Medicaid:

1. Take a Loan against the Cash Value

If you have whole life insurance with accumulated cash value, you can take a loan against your cash value.  It will keep the policy active but lower the face and cash value. If you choose this option, you must know that you still need to pay your premiums on time.

Additionally, the cash value will increase over time, thus, making you ineligible for Medicaid. If you opt for this strategy, you need to monitor the cash value of your insurance policy.

NOTE: Most burial insurance plans have small face amounts and don’t build much cash value for many years.

2. Cash Out the Policy

You can cancel your whole life insurance policy and collect your cash value. Then, spend down the cash value until you meet the Medicaid asset limit in your state.

For example, you can use the cash value to pay for long-term care, pay off debt, or make home modifications. However, your life insurance policy will be terminated if you opt for this spend-down strategy. And, there will be no more death benefits for your family.

3. Sell the Policy

If you’re thinking about Medicaid eligibility with life insurance, the policy owner is the one that matters. It doesn’t matter who the insured is or the policy’s beneficiary. You can have a relative or a friend purchase your insurance policy at the cash surrender value, pay the premiums, and keep the insurance policy.

Another way of selling a burial life insurance policy is via a life settlement. You can sell your policy to a third party who will pay a lump sum of cash. In effect, they will take care of paying the premiums and become the beneficiary. Some choose this option when their life expectancy is less than 20 years.

The cash from selling your life insurance policy can put you within the asset limit. However, you will need to spend down the money. Paying for unpaid medical bills, long-term care, and doing some home modifications to make aging easier are some of the ways to spend down your assets.

4. Transfer the Policy

If your spouse doesn’t need Medicaid, you can transfer your life insurance policy to them. Your policy’s cash value would count towards your spouse’s resource allowance. Most states allow the spouse to retain up to $123,600 of assets.

Burial insurance Medicaid and changing ownership of a life insurance policy to an adult child is considered a gift, violating Medicaid’s look-back rule.

Another insurance policy option is to transfer the policy to a funeral home to pay for a non-cancellable burial plan. This strategy is exempt from Medicaid’s asset limit.

5. Assign your Insurance Policy to a Funeral Home

You can also assign your final expense insurance policy to the funeral home; assets going toward funeral and burial costs are not counted when determining Medicaid eligibility.

Your life insurance death benefit will go to the funeral home upon death, and anything left will go to your beneficiary.

Once you have transferred ownership of your policy to a funeral home, the cash value of your insurance policy will not affect your Medicaid eligibility. The face value of your policy will not be counted when determining your eligibility because you no longer own it.

If you are setting up your Medicaid burial insurance to pay for your funeral, tell your loved ones about the arrangements you’ve made. Tell your family about the funeral home and the funeral director, and be sure your loved ones know where the paperwork is kept.

Communicating with your family makes it easier for them to handle your funeral and burial arrangements when the time comes.

The rules regarding life insurance and Medicaid eligibility vary depending on the state you reside, and nothing in this article is intended to be legal advice.

Seek the counsel of a Medicaid professional planner who knows the rules in your state. If you or a loved one has a life insurance policy over the face value exemption, you can use any of these strategies to meet Medicaid’s asset eligibility requirements.

To determine Medicaid eligibility, you must file your application with the local department of social services in the area in which you live.

How Can Funeral Funds Help Me?

Finding a policy if you need Medicaid eligibility isn’t a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.

If you have a pre-existing medical condition, let us help you; we will work with you side by side to find a plan that fits your needs.

We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies anymore because we will do the dirty work for you.

We will shop your case at different insurance carriers and get you the best price.

We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you.  We will search all those companies to get the best rate. We will match you up with the best burial insurance company that gives the best rate.

We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Medicaid funeral insurance, burial insurance, or life insurance.

Fill out our quote form on this page or call us at 888) 862-9456, and we can give you an accurate quote.

Additional Questions & Answers On Burial Insurance Medicaid

Who are eligible for Medicaid?

To be eligible for Medicaid, an individual must meet certain income and asset requirements. Medicaid is a needs-based program, so individuals must demonstrate financial need to qualify.

Can I qualify for Medicaid if I have life insurance?

Yes, you may be eligible for Medicaid coverage even if you have a life insurance policy. In most cases, the value of your life insurance policy is considered an asset and will be counted when determining your eligibility. However, some circumstances in which your life insurance can help offset the cost of medical care and allow you to qualify for Medicaid.

What are the income and asset requirements for Medicaid?

Income requirements for Medicaid vary from state to state. However, generally speaking, an individual must have an income at or below the poverty line to qualify.

What is the highest income to qualify for Medicaid?

There is no definitive answer to this question, as income requirements vary from state to state and continually change based on economic conditions. However, generally, an individual must have an income at or below the poverty line to qualify for Medicaid.

Is my burial insurance counted as an asset in Medicaid?

Burial insurance with cash value can be counted as an asset in Medicaid.

Does life insurance affect my eligibility for Medicaid?

No, life insurance does not affect your eligibility for Medicaid. However, the value of your life insurance policy may be considered an asset when determining your financial need.

What assets are counted when determining Medicaid?

Most states count an individual’s bank accounts, retirement accounts, and real property when determining Medicaid eligibility. Other assets that may be counted include vehicles and personal property.

Are there any exceptions to these asset requirements?

Yes, there are some situations where individuals can qualify for Medicaid even if they have certain assets. For example, some states count the home equity value when determining Medicaid eligibility but allow an individual to keep a certain amount of home equity (usually $500,000 or less).

How do you qualify for Medicaid if you have burial insurance?

Burial insurance with cash value can be counted as an asset in Medicaid. However, the death benefit from a burial insurance policy is not counted when determining Medicaid eligibility.

How do you qualify for Medicaid and Medicare with insurance?

To qualify for Medicaid and Medicare, you must meet certain income and asset requirements. You must generally have an income at or below the poverty line and demonstrate financial need to qualify. However, some circumstances in which your life insurance can help offset the cost of medical care and allow you to qualify for Medicaid.

What’s the difference between Medicaid and Medicare?

Medicaid is a needs-based program that provides health insurance coverage to low-income individuals and families. Medicare is a federally-funded health insurance program that provides coverage to individuals 65 years of age or older, individuals with certain disabilities, and certain individuals with End-Stage Renal Disease. While Medicaid and Medicare provide health insurance coverage, some differences exist between the two programs, including eligibility requirements, covered benefits, and cost-sharing.

Can my life insurance affect my Medicaid eligibility?

Yes, life insurance may be counted as an asset when determining Medicaid eligibility in some cases. However, different states have different rules and regulations regarding the treatment of life insurance policies for individuals applying for Medicaid. Therefore, if you are concerned about your life insurance policy affecting your Medicaid eligibility, you must talk to a healthcare professional or legal expert.

What is the monthly income to qualify for Medicaid?

There is no single answer to this question, as income requirements for Medicaid vary from state to state and are subject to change based on economic conditions. However, an individual must have an income at or below the poverty line to qualify for Medicaid.

What does Medicaid pay for?

Medicaid pays for various medical services and procedures, including doctor visits, hospital stays, prescription drugs, and long-term care.

How can life insurance affect my Medicaid eligibility?

If you are applying for Medicaid and have a life insurance policy, you must understand how this may affect your eligibility. In some states, the cash value of your life insurance policy can be counted as an asset when determining Medicaid eligibility. Additionally, if your policy includes an accelerated death benefit rider that allows you to receive a portion of the death benefit while you are still alive, this may also be counted as an asset. Therefore, if you have a life insurance policy, you must talk to a healthcare professional or legal expert to determine how this may affect your Medicaid eligibility.

Can you get Medicare and Medicaid at the same time with life insurance?

Sometimes, it may be possible to qualify for Medicare and Medicaid simultaneously, as long as you meet certain income and asset requirements. However, you will have to choose between these two programs if you are eligible for both in most cases. In addition to life insurance coverage, other factors such as age, disability status, and care type can affect your eligibility for Medicaid.

Are there any alternatives to Medicaid?

Several alternatives to Medicaid include private health insurance plans and public health insurance programs.

What is the difference between Medicaid and private insurance?

Medicaid is a needs-based program that provides health insurance coverage to low-income individuals and families. Private health insurance plans are typically more expensive than Medicaid, but they provide coverage for a wider range of services.

What are the disadvantages of life insurance to Medicaid?

A few potential disadvantages of having life insurance when applying for Medicaid exist. First, as mentioned above, the cash value of your life insurance policy may be counted as an asset when determining Medicaid eligibility. If you have a life insurance policy with a high cash value, you may not be eligible for Medicaid.

How do I apply for Medicaid if I have insurance?

Application for Medicaid can be made through the Department of Health and Human Services website. Typically, the process involves completing an online or paper application and providing documentation to verify certain eligibility criteria.

What happens to my Medicaid when I turn 65?

There is no single answer to this question, as the rules and regulations governing Medicaid eligibility are state-level. However, an individual’s Medicaid benefits will not be affected when they turn 65 and become eligible for Medicare.

Can I get life insurance if I’m on Medicaid?

There is no straightforward answer to this question, as the rules and regulations governing Medicaid eligibility vary from state to state. However, it may be possible to get life insurance if you are on Medicaid, depending on your situation and the specific requirements of your state’s Medicaid program.

How do I enroll in Medicaid with life insurance?

Enrollment in Medicaid is typically done through the Department of Health and Human Services website. The process generally involves completing an online or paper application and providing documentation to verify certain eligibility criteria.

Is Medicaid based on income?

To qualify for Medicaid, an individual must meet certain income requirements.

How much life insurance is allowed if I have Medicaid?

There is no single answer to this question, as the rules and regulations governing Medicaid eligibility vary from state to state. However, it is generally the case that life insurance policies with a high cash value are not typically allowed for individuals who have Medicaid coverage.

What are the income requirements for Medicaid?

The income requirements for Medicaid vary from state to state, but generally speaking, an individual must have a very low income to be eligible for benefits.

What should I do to my life insurance if I need Medicaid?

If you are thinking about applying for Medicaid, it is generally advisable to contact your life insurance company to discuss your options and make sure that your policy will not adversely affect your eligibility.

How can I hide my life insurance from Medicaid?

There is no straightforward answer to this question, as the rules and regulations governing Medicaid eligibility vary from state to state. However, there are various strategies that you can use to try and reduce the value of your life insurance policy in the eyes of Medicaid officials, such as purchasing a low-cost term insurance policy instead of a more expensive permanent policy.

How much life insurance can you have to qualify for Medicaid?

Generally, life insurance policies with a high cash value are not typically allowed for Medicaid coverage individuals.

Can I make my Funeral Director to be my burial insurance beneficiary to qualify for Medicaid?

Yes, making your Funeral Director the beneficiary of your life insurance policy to qualify for Medicaid is possible. However, you should be aware that there may be legal and financial implications associated with this decision.

What strategies can be used to reduce assets before applying for Medicaid?

Some potential strategies that can be used to reduce assets before applying for Medicaid include transferring property to a spouse or adult child, making gifts to family members or charitable organizations, and taking advantage of tax exemptions. However, it is important to be aware that there may be legal consequences associated with these strategies, so it is best to consult with a financial advisor or estate planning attorney before making any significant changes.

What are some of the penalties if I am caught hiding my life insurance from Medicaid?

Some potential penalties for Medicaid fraud include fines, jail time, or the loss of benefits. If you are considering making any significant changes to your life insurance policy or other assets to qualify for Medicaid, it is important to consult with a financial advisor or legal professional beforehand to ensure that you are taking the right steps and avoiding potential penalties.

How long does it take for Medicaid to kick in?

The specific timeframe for when Medicaid benefits will become available will vary depending on the individual’s situation.

Can I get Medicaid if I have burial insurance?

It is possible to qualify for Medicaid even if you have burial insurance. However, the rules and regulations governing Medicaid eligibility can vary from state to state, so it is best to consult with a local Medicaid office or an experienced estate planning attorney to determine whether or not your policy will impact your eligibility.

What should I do to my cash value to qualify for Medicaid?

If you are thinking about applying for Medicaid, it is generally advisable to consult with your life insurance company or financial advisor to discuss your options and make sure that your policy will not negatively affect your eligibility. This may include transferring some of the cash value in your policy to other assets or accounts, setting up a trust, or making changes to the terms or beneficiaries of your policy.

What other strategies can I use to reduce my assets before applying for Medicaid?

In addition to making changes to your life insurance policy, there are several other potential strategies that you can use to reduce your assets before applying for Medicaid, such as moving funds into an irrevocable trust or utilizing tax exemptions. However, it is important to note that there may be legal or financial consequences associated with these strategies, so it is best to consult with a qualified professional before taking any significant action.

What should I do to my life insurance to qualify for Medicaid?

If you are planning on applying for Medicaid, it is generally recommended that you take steps to ensure that your life insurance policy will not negatively impact your eligibility. This may include transferring some of the cash value in your policy to other assets or accounts, making changes to the beneficiary or terms of your policy, and consulting with a financial advisor or estate planning attorney to discuss your options. Ultimately, the specific actions that you should take will depend on your situation and the rules and regulations governing Medicaid eligibility in your state.

How long does Medicaid last?

There is no time limit on how long an individual can receive Medicaid benefits. However, an individual’s eligibility for the program may be reviewed periodically to ensure that they still meet its eligibility requirements.

What documents do I need to apply for Medicaid?

The specific documents required to apply for Medicaid will vary depending on the state in which you reside. However, generally speaking, you will need to provide details about your income and assets and information about any members of your household.

What is the best way to apply for Medicaid?

The best way to apply for Medicaid is to contact your state’s office.

What are the benefits of Medicaid if you have life insurance?

Some potential benefits to having both Medicaid and life insurance include access to comprehensive healthcare coverage and protection from the financial risks associated with serious illness or injury. However, it is important to note that the rules for Medicaid eligibility vary significantly between states, so you should consult with an experienced professional before making any significant changes to your policy.

Is Obamacare the same as Medicaid?

No, Obamacare and Medicaid are two different programs. While both programs provide access to health insurance coverage, they have different requirements and benefits.

Does Medicaid check my life insurance?

Medicaid may review your life insurance policy to ensure that it does not negatively impact your eligibility for the program. However, there is no requirement that you have life insurance to qualify for Medicaid.

What is the lookback period for Medicaid?

The Medicaid lookback period is when Medicaid will review an applicant’s financial history. The length of the look-back period will vary depending on the state where you reside.

Should I apply for Medicaid even if I may qualify for Obamacare?

If you are not sure if you qualify for Medicaid or Obamacare, it is generally recommended that you apply for both programs to ensure that you can access affordable health insurance coverage.

How can I apply for Medicaid if I have burial insurance?

One option to consider when applying for Medicaid is to transfer your burial insurance policy or the value of that policy into an asset or account that will not negatively impact your eligibility. This may involve working with a financial advisor or estate planning attorney, and you should consult with your state’s Medicaid office to determine the specific requirements and procedures related to this process.

Will an inheritance affect my Medicaid?

If you are applying for Medicaid and have recently received an inheritance, this may affect your eligibility for the program. You should contact your state’s Medicaid office to determine if this is the case.

How does the Medicaid spend-down work?

The Medicaid spend-down process is designed to help individuals with too much income qualify for Medicaid coverage to receive benefits still. Under the spend-down process, an individual’s income is reduced to a level that allows them to be eligible for Medicaid.