Medicare and Funeral Cost
Does Medicare Cover Funeral Costs?
It’s always recommended to plan ahead for your funeral plan cost. But will your current Medicare plan help offset these expenses? Read below to find out.
You need to plan ahead for your funeral cost, and we can help you with that. Medicare does not have coverage for a funeral. One way to protect your family is to have Final Expense Life Insurance. Just call 920-545-4884 to see just how affordable it can be. Below I explain how an MSA account could help in paying for funeral expenses in Wisconsin.
It’s a harsh reality of life but by postponing this, you’re only hurting yourself and your loved ones.
With 55.3 million Americans receiving Medicare, it’s likely you may have it yourself. But, many believe that our medical care act doesn’t cover funeral expenses.
To some degree, this is true. Your funeral and burial expenses aren’t going to be found within standard Medicare coverage. This also includes death benefits to beneficiaries.
But, there are certain plans within Medicare that many are unaware of. The object of these is to prepare for long-term health care costs. But, oftentimes they’re also used to offset funeral costs.
We’re here to break that down a little further for you. Here’s what you need to know about Medicare’s Medical Savings Account (MSA).
What Is an MSA?
The Medical Savings Account is a joint effort between Medicare and several private health insurers. They offer a savings plan for you to use for long-term health care costs.
Since this savings plan is intended for ongoing health issues, you will need proof of billing. These plans cover all that is under Medical Advantage Plans. They also provide “extra benefits,” which is where your burial costs come in.
Within your plan, you will delegate a beneficiary. After your death, this person could be eligible for tapping into your savings fund to pay your funeral plan’s cost.
Medicare would have to consider when you were depositing into this fund. Usually, they would need to see that you were paying into it for at least a year.
These plans are high-deductible, so you’re paying lower monthly premiums.
How Do I Use MSA For My Funeral Plans Cost?
First, you’ll want to do your research and figure out what type of MSA plan is best for you. You should speak with a Medicare consultant to learn about your options.
Then, you will be responsible for establishing your plan through a bank selected by MSA. You’ll receive a preset amount from Medicare to use for your healthcare costs.
If you owe more for healthcare, you will be paying out of pocket until you reach your deductible. If not, this money will begin to roll over, which is the ultimate goal.
You’ll ideally reserve a certain amount each month to put into your savings account. These are the funds that will be deposited to your beneficiary.
Lastly, let MSA know that your beneficiary has permission to receive unused funds for funeral costs.
Funeral Cost | Other Options
There are several other options outside of Medicare that provide assistance for burial costs.
A final expense whole life insurance policy is one option that could fill this need. Call us anytime for pricing
You could contact the Social Security Administration, the United States Department of Veteran Affairs, or your state insurance department.
Also, if your loved one worked on the railroad, reach out to the Railroad Retirement Board. They provide assistance to families of deceased rail workers.
Let Us Help You
If you are looking to start planning for your funeral costs, you’re in the right place.
We’re a Medicare Solutions team that provides you with the guidance you need to find a supplement plan that will reduce your out-of-pocket healthcare expenses. To learn more about our services, contact us any time by calling 920-545-4884. Let us help you navigate this process and find a solution that is right for you.