How to Pay for Funeral Services

Most people have contemplated their own passing, but most do not think about the more practical aspects of their death, like how to pay for it. Funeral homes in Laplace, LA and around the country do cost money, so it’s important to make plans now for how you will pay for your funeral.

There are a few different ways to pay for funeral services. You can use insurance, or savings, or take out a loan. You may also be able to receive financial assistance from Medicaid or Social Security.

These are just a few of the options available for paying for funeral services. Talk to your funeral director about what is best for your situation.

1. Contact the funeral home. 

Contact the funeral home and provide them with your insurance policy information.

2. Determine your budget.

The first step in paying for funeral services is to determine your budget. How much can you afford to spend? This will help you narrow down your options and make the best decision for your situation.

3. Decide how you will pay for the funeral.

Once you know how much the funeral will cost, you can start to look into your payment options. You can use insurance, savings, or a loan to pay for the funeral. You may also be able to receive financial assistance from Medicaid or Social Security.

4. Contact the funeral home to make arrangements.

Once you have decided how you will pay for the funeral, you can contact the funeral home to make the arrangements. The funeral home will be able to help you with all of the details, from the type of service you want to the casket and flowers.

5. Get a loan.

You can take out a loan to cover funeral costs. This can be a good option if you don’t have the money upfront and need some time to pay off the loan.

6. Financial assistance.

You may also be able to receive financial assistance from Medicaid or Social Security.

7. Follow through with your payment plan.

After the funeral is over, you will need to follow through with your payment plan. If you’re using insurance, you will need to file a claim. If you’re using savings, you will need to make a withdrawal from your account. 

8. Pay with cash.

You can use cash to pay for funeral services. This may be an option if you have the money saved up or if you receive financial assistance from family or friends.

9. Use a credit card.

Some funeral homes accept credit cards as payment. You will need to check with the funeral home to see if this is an option.

Save Money for  Your Loved Ones

You need to make sure your loved ones aren’t suck with a massive tab when you’re not around. But paying for a funeral isn’t as easy as leaving some money in a savings account, however. When someone dies, their bank freezes their accounts and assets for a month, or sometimes longer. This means that after you die, your family won’t have access to your savings accounts until long after the funeral is over. Luckily, there are a few ways you can set money aside like:

• Borrowing – Banks also offer loans specifically for funeral home payments. However, as these loans are personal and unsecure, they can get expensive. Interests range usually from 16 to 35 percent on these kinds of loans. Since the FCA recommends that you do not go into debt for a cremation, be sure to only take out a loan you can easily pay back.
• Payable-on-Death Account – Payable-on-death accounts, or PODs, allow you to set money aside specifically for funeral and other death-related expenses. Your beneficiaries simply have to present a death certificate to the bank in order to obtain the money. They will not have access to the money until after your death.
• Veterans Benefits – If you served in the military you may be eligible for veteran’s benefits, including burial, funeral or cremation at no cost. The Veterans Administration will pay a burial allowance to your loved ones to cover related expenses. Check the VA website to see if you’re eligible.
• Insurance – Most life insurance policies will pay out a lump sum of money to a beneficiary when you die. This lump sum can go a long way towards paying for your funeral home expenses. These insurance payments are made almost directly after death so your loved ones can access the money right away. There are also special insurance policies for death related costs like burials, funerals, cremations and more.

There are also lots of low-cost options if you don’t have money to set aside right now and feel like you won’t later on either. From direct cremations and at-home funerals to green burials, or even donating your body to science, there are definitely low-cost options out there. If you do plan to donate your body to a medical school or other institution be sure to enroll in advance.

Save your loved ones some stress after your death and make arrangements to pay for your funeral now. If you want to learn more about Laplace, LA funeral homes and how to pay for their services, Millet Guidry Funeral Home is here to help. Call or visit us today for more information on what we can do for you in your time of loss or preplanning.

Key Takeaways:

There are a few different ways to pay for funeral services. You can use cash, a check, or a credit card. You may also be able to use life insurance proceeds or a death benefit from Social Security. If you have any questions about how to pay for funeral services, please don’t hesitate to call us. If you need help paying for funeral services, please contact us. We can help you find the best way to finance your loved one’s final arrangements. We’re here to help.