Medicaid Policy
Medicaid Policy
No Previous Policy
This subsection explains:
How an individual can use a life insurance policy to fund a pre-need funeral contract (594-4.1).
How to decide the value of a pre-need funeral contract funded by a life insurance policy (594-4.2).
How to use the burial space (591) and burial fund (592) policies for pre-need funeral contracts funded by the assignment of a life insurance policy. (594-4.3, 594-4.4, 594-4.5, 594-4.6, 594-4.7)
How to use the rules in 592. Burial Funds, 596, Burial Trusts, and 371, Transfer of Assets, when an individual revocably assigns a life insurance policy to a funeral provider to fund a pre-need funeral contract, and then the individual irrevocably places the policy into a trust.
How to use the rules in 594-4.4 when an individual irrevocably assigns ownership of a life insurance policy to a funeral provider and the provider transfers ownership of the policy to the insurance company trust.
How to treat a life insurance policy when the individual designates, revocably or irrevocably, the funeral provider as the beneficiary of a life insurance policy (594-4.7).
How the transfer of assets policy (575) may apply when ownership of a life insurance policy is irrevocably assigned to fund a pre-need funeral contract. (594-4.8)
How to treat a life insurance policy paid for by the individual when someone other than the individual is named as the owner of the policy. (594-4.8)