SSI/Medicaid Tips

Top 10 Things You Should Know About Medicaid, SSI and Irrevocable Trusts

1.    Medicaid is a joint State, Federal and County program, which provides medical assistance to lower income individuals with limited assets.

2.    Supplemental Security Income is a federally administered program to assist individuals who have reached an age of 65 + or have been legally classified as blind or disabled.

3.    2013 Medicaid Resource Limits  (Excludes irrevocable burial account, house, & car.)
        1 Person Household -- $14,400 
        2 Person Household -- $21,150
        3 Person Household -- $24,323
        4 Person Household -- $27,495

       The Federal maximum community spousal resource allowance is $113,640.

4.    2013 SSI Resource Limits:        (Excludes irrevocable burial account, life insurance with face value of $1,500 or less.)

        1 Person Household - $2,000     
        2 Person Household - $3,000

5.    An individual MAY NOT have an irrevocable trust agreement unless they have applied for or are currently receiving Medicaid benefits.

6.    An irrevocable trust may be transferred to a different funeral home at any time.

7.    If there is an overage after funeral services have been performed, the funds must be sent to the county DSS where the beneficiary resided and received assistance.

8.    As of January 1, 1997 all prearrangements made for applicants or recipients of SSI/Medicaid must be irrevocable.

9.    Advertisements for prearrangement services must include a disclosure explaining the irrevocable nature of contracts prepared for Medicaid/SSI recipients or applicants.

10.  As a member of the PrePlan^SM Trust Program, you can rest assured knowing that all of our prearrangement contracts are in 100% compliance of Medicaid/SSI rules and regulations.