Content Overview 
- Summary
- Transfer Assets For A Reason Other Than To Be Eligible For Medicaid
- Transfer Assets
- Set Up A Supplemental Needs Or Other Trust
- Invest In Your Home Up To The Legal Limit
- Transfer Your Home And Keep A Life Estate
- Make A Payment To A Continuing Care Retirement Community
- Make A Loan
- Purchase Items That Medicaid Doesn't Count
- Create A Medicaid Trust
- Purchase An Annuity ("Medicaid Annuity")
- Reduce Equity In Your Home
- Fund A Caregiving Agreement With Family Members or Friends
- Get A Divorce
- Ask A Significant Other To Move Out
- Move Out Yourself
- Pre-Pay Funeral Costs To The Extent Permitted By State Law
Medicaid: How To Plan Ahead For Long Term Care Coverage
Pre-Pay Funeral Costs To The Extent Permitted By State Law
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Under Federal rules, you can keep up to $1,500 t pay for funeral expenses and still qualify for Medicaid. Many states allow a recipient to buy a prepaid funeral plan with a limit that is higher than the amount allowed by Federal rules. As an example, a state may allow $7,000 to be prepaid for funeral expenses. Whatever the amount allowed by the state is the amount to use to buy a funeral plan.
NOTE: Your state may also allow additional costs such as the burial plots, caskets and vaults to be tacked on, thus raising the limit.
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