It’s not something anyone wants to think about but planning for a funeral and its related costs is vital.
The average cost of a funeral may surprise you. The average American funeral costs between $7,000 and $12,000, and that includes everything from the viewing and burial to the casket and transportation.
Delaware funeral costs usually fall on the low end of the estimate. The average Delaware funeral runs about $6,600 but depending on the type of funeral, there’s a range of $3,400 to $11.040.
That makes a funeral a rather hefty expense, but an expense that’s in the “need” column rather than the “want”. But there are some methods of paying for a funeral that helps ease the financial burden.
Prepay
You don’t have to wait until right before a funeral to figure out how much it will cost. Numerous funeral homes in Delaware offer a way to prepay for everything in what’s typically called a “pre-need funeral.
A prepaid plan is a way for you to get the current guaranteed funeral prices as opposed to a potentially larger overall cost down the road. Something to also keep in mind: With a funeral plan, up to $6,000 is discounted if Medicaid is used later to cover most costs.
Consider A Payable-On-Death Option
Funerals are an extremely stressful time for friends and family of the deceased. A payable-on-death account, or POD, will outline your funeral wishes and set aside cash. It names a family beneficiary who can start using the funds right away instead of waiting for probate.
POD accounts can be set up at banks and you can add more money to the account than what’s required for your funeral, giving your family a further financial cushion.
FEMA Assistance
As part of the relief response to the global COVID-19 pandemic, the Federal Emergency Management Agency (FEMA) has a program that reimburses those eligible for up to $9,000 in funeral costs.
The eligibility window reflects deaths related to COVID after January 2020 and is commonly awarded to low-income families.
Charities And Nonprofits
Many other organizations on the state and federal levels may be able to help cover funeral expenses which could go a long way to help if the deceased does not have insurance.
Religious groups, such as Catholic Charities USA, are a good place to start. Churches frequently help congregation members pay for burials. Some religious organization benevolence funds must also be available to members of the community as well.
Funeral services are an industry, so consumer advocacy organizations like the Funeral Consumer Guardian Society only focus on how group members can save money when covering a funeral.
A consumer advocate will typically meet with families and help them compare funeral costs. Families in the society can also get discounts on cremations and traditional funerals, up to $600 and $1,800 respectively.
Social Security, Medicaid, And Medicare
If the deceased was receiving benefits from Social Security, there may be a death benefit, a one-time payout of up to $255.
While Medicaid and Medicare don’t directly help with funeral costs, the federal programs offer a way to set aside money for a funeral within a medical savings account.
MSAs are offered by private insurance companies, and you may be able to save up to $3,000 for yourself and a spouse.
Veteran Benefits
Members of the military who have been honorably discharged and their spouses automatically qualify for burial in over 150 cemeteries across the county in 42 states.
There is also a benefit for those who died during active duty or when they were hospitalized in a veterans’ facility, like a hospital or rehabilitation center.
Consider A Delaware Installment Loan
The unexpected, high cost of a funeral can deplete savings and become a significant financial setback.
A Delaware installment loan may help. Designed as short-term loans for those facing financial emergencies, a signature installment loan is quick and easy to qualify for. You may receive up to $1,500 through an installment loan to be paid off over time offered by Delaware Title Loans, Inc.
It takes as little as 30 minutes to qualify, a simply requires a checking account statement in your name, proof of income, and a driver’s license or another form of state-issued identification.
And you can start online. Head to our homepage and fill out the short installment loan form. One of our loan representatives will give you a call and guide you through the rest of the fast process.
Once you qualify, you receive the cash you need that same day or the very next business day.
Get Started Today
There should be no reason why a family should struggle to cover the funeral costs of a loved one. Pursue a signature installment loan today by starting on our homepage, giving us a call, or visiting one of our locations near you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
