Pre-Paid Funeral Plan: Why Should You Consider It?
After purchasing a home and a car, a funeral is one of the next largest single expenditure consumers will ever make. Because of this, funeral pre-planning is becoming a fast-growing trend among Americans. Pre-paid funeral plans provide people with the opportunity to pre-plan their funeral while they are still alive to ensure a smooth process after their passing. A person can either make the arrangements with a funeral home and pay for the arrangements or set aside money to be used to pay for the funeral arrangements after their passing.
Some people might find it unnecessary for someone to work on their funeral arrangements while still alive, but the reality is that pre-paid funeral plans can ease the financial burden on your loved ones. A pre-paid funeral plan also ensures your wishes are fulfilled when you pass and does lock in the prices and selections at a time when emotions are not running high.
In order to obtain the benefits of prepaying your funeral but avoid the risk that you may decide to change your arrangements or location later, many nursing homes now offer a specialized insurance product (ex. Forethought Insurance) that provides a death benefit that is dovetailed with your prepaid funeral arrangements. If you move to a new state or imply decide to select a different funeral home for your needs, the insurance policy is transferrable.
It would be best to consider several things once you decide to make your funeral arrangements ahead of time. Some of the things you need to consider are discussed below.
Consider Shopping Around
The FTC funeral rule accords people the right to compare prices between funeral homes. When comparing prices, ensure any funeral home you visit allows you to select goods or services and only pay for those goods or services you select. There is no need for you to pay for things that might not be useful during the funeral. Some of the goods or services you would want for your funeral include the casket, transportation, and flowers.
Analyze Any Contract Keenly Before Signing
When a funeral home gives you a contract to sign, do not rush into signing. Carefully read and understand the terms of the contract first. Find out important things such as whether the contract can be canceled or transferred. Do not sign a contract if you do not feel sure about a specific clause.
Prepaying Funeral as Part of a Medicaid Spend-Down
Many of our clients are prepaying funeral arrangements for spouses and dependent family members as part of a Medicaid plan. It is important to note that each county has its own limit as to what is a reasonable burial amount that should be reviewed before setting aside funds before qualifying for Medicaid. Otherwise a Medicaid transfer penalty may be imposed. There are many other things you need to consider once you choose to go ahead with funeral pre-planning. Fortunately, professionals are available and willing to help you; understand everything you need to consider with funeral pre-planning.
Therefore, do not risk going through the process alone if you feel you need help.
Contact Anderson Elder Law Today for Help
If you have any questions about pre-paid funeral plans or need help with funeral pre-planning, allow our experienced Pennsylvania Certified Elder Law Attorneys to assist. Contact Anderson Elder Law today to schedule a consultation.