Supplemental Security Income & Medicaid Tips
10 Things You Should Know About Medicaid, SSI and Irrevocable Trusts
- Medicaid is a joint State, Federal and County program, which provides medical assistance to lower income individuals with limited assets.
- 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.
- 2019 Medicaid Resource Limits (Excludes irrevocable burial account, house, car, and life Insurance with a face value of $1500.00 or less.)
- 1 Person Household -- $15,450
- 2 Person Household -- $22,800
- The Federal maximum community spousal resource allowance is $126,420
- 2019 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
- An individual MAY NOT have an irrevocable trust agreement unless they have applied for or are currently receiving Medicaid benefits.
- An irrevocable trust may be transferred to a different funeral home at any time.
- If there is an overage after funeral services have been performed, the funds must be sent to the county Department of Social Services where the beneficiary resided and received assistance.
- As of January 1, 1997 all pre-arrangements made for applicants or recipients of SSI/Medicaid must be irrevocable.
- Advertisements for prearrangement services must include a disclosure explaining the irrevocable nature of contracts prepared for Medicaid/SSI recipients or applicants.
- As a member funeral home of the PrePlanSM Trust Program, you can rest assured knowing that all of our prearrangement contracts are in 100% compliance of Medicaid/SSI rules and regulations and are FDIC Insured.