|COMBINED MANUAL||ISSUE DATE 04/2013|
|EXCLUDED ASSETS - BURIAL CONTRACTS||0015.24|
|0015.24 — EXCLUDED ASSETS - BURIAL CONTRACTS||ISSUE DATE 04/2013|
|MFIP, WB, DWP:|
No provisions. Count the full equity of the burial contract for each unit member.
SNAP has no asset test.
Exclude up to $1,500 in burial funds for each applicant or participant and up to $1,500 for the applicant or participant's spouse. Burial funds may be either liquid or non-liquid assets, but must be set aside so they are distinguishable from other assets. Treat burial insurance as a burial contract and count the face value of the policy toward the burial fund exclusion.
If a client also has life insurance, see 0015.51 (Evaluation of Insurance Policies). Reduce the $1,500 maximum by the face value of a life insurance policy whose cash surrender value is an excluded asset.
Exclude any interest which accumulates on the burial fund (and stays in the fund) after the initial valuation.
Irrevocable burial funds may be established up to the SSI regulatory resource limit (currently $2,000 for an individual exclusive of burial space items), but amounts exceeding this limit count toward the MSA asset limit.
Exclude the value of a prepaid burial account, burial plan, or trust for burial or cremation up to $1,000 for each person whose assets are considered. See 0015.48 (Whose Assets to Consider).
Follow MSA for aged, blind, or disabled clients. Follow GA for all other adults.