In the event that you should need 24/7 care, you may find that you need to apply for Medicaid assistance. On average, nursing homes cost $5000-8000 each month to reside there full time. In order to be eligible for Medicaid assistance, applicants need to have less than $2000 worth of assets. Homes and a vehicle are allowed but all other assets (cash, insurance policies with a cash value, investments, etc.) must be spent down until the qualifying level is reached.
Pre-arrangements and pre-payments toward a funeral are considered an exempt asset that won’t affect Medicaid eligibility. These funds are also protected from the nursing home. In order for your pre-paid funeral arrangements to be exempt, you must set up an irrevocable funeral contract. This means that you cannot change or cancel it once it has been signed.
John Molnar, Sr. opened the Detroit Hungarian Funeral Home, now the Molnar Funeral Homes, in 1923. The funeral home began in his home until relocating across the street to it's Delray location at 8623 Dearborn Avenue, in 1936. He had a strong work ethic and believed that you should never stop learning...