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MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD Division of Welfare and Supportive Services E-410 Medical Assistance Manual RESOURCES 24 Sept MTL 04/24 TYPES OF RESOURCES (not all inclusive) BURIAL FUNDS (Cont’d)

BURIAL FUNDS (Cont'd)

THE FOLLOWING EXCLUSIONS APPLY TO BURIAL FUNDS:

a. Any interest accrued in burial accounts which is not paid but left to accumulate as part of the funds;

b. Up to the maximum of $1,500 each for the customer and/or customer’s spouse.

Only the cash surrender value (CSV), less interest, of the policy, contract or insurance OWNED by the customer/ customer’s spouse is applied towards the $1,500 exclusion. Obtain verification from the mortuary/insurance company of the CSV. Burial funds in excess of $1,500 will be a countable resource.

THE $1,500 MAXIMUM MUST BE REDUCED BY:

a. The amount of funds held in an irrevocable burial trust, irrevocable burial contract or other irrevocable arrangement available to meet burial expenses.

Note: Any burial trusts, contracts or other arrangements issued in Nevada are not considered irrevocable by state law. These are available resources.

Other burial arrangements issued outside of Nevada may be considered irrevocable. Verify with the state where they were issued to determine availability.

b. The FACE value of any life insurance policy owned by the customer/ customer’s spouse if the CSV was excluded in determining countable resources. Note: Life insurance with no provision for a CSV will not affect the burial exclusion.

Example: Customer has a life insurance policy with a FACE value of $1,200 and a CSV of $500. Because the FACE value was less than $1,500, the $500 was excluded as a resource.

The customer also has funds set aside for burial in the amount of $2,000 (i.e., CSV of a burial policy). To determine the amount of burial which can be excluded: