Planning Info

Should I Prepay?

Should I Prepay?

Many People's Memorial members ask if they should pre-pay for the final arrangements. In many situations, it may be of greater benefit to the funeral home than it is to the consumer. Since People's Memorial wants all consumers to make informed decisions, we believe it is important for you to know both the benefits and risks of the different vehicles for prepayment.

For those who anticipate that they will need to spend down for Medicaid, the state allows you to set aside up to $1,500 in a bank account to cover your funeral expenses. There are many funeral homes that offer cremation for less than $1,500. If you are wanting burial, then prepayment may be advisable.

Prepayment in any form involves trusting that someone else will securely hold and manage your funds and deliver them in full to the funeral home of your choice at time of death. Most funeral homes no longer guarantee funeral costs for prepaid plans. For complete information on this subject, please read our brochure The Benefits and Risks of Prepayment.