Everyone wants their stimulus payments, right? Well, yes, but the payment could create a problem for anyone who is receiving state-funded care whose assets have to be under $2000.
If the stimulus payment bumps a person’s assets over the $2,000 threshold, it could disqualify her/him for coverage for state-funded care. When that happens, the person might have to pay full cost for their care and then have to reapply for coverage, which isn’t always an easy task.
The solution? There are approved “spend-downs” (ways to use the money that allow someone to keep the payment but not get disqualified from state care). The funds can be put into an insurance-based funeral trust that is irrevocable that will protect those assets for future funeral expenses.
The best part is we can help make this easy. Mike Richards, Continuing Care Coordinator, can me with you in person, by phone, over Zoom (in whatever manner makes you comfortable during the COVID era) and help you take this step.
If you’re interested in meeting with him, please contact him at: 423.262.5244 or email Mike at mikerichards@morrisbaker.com.
Photo by Micheile Henderson.
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