What is an irrevocable contract?
An irrevocable contract is written only for people who are qualified applicants for, or recipients of, supplemental security income, temporary assistance under the WAGES program or Medicaid. Once the contract is signed it cannot be canceled and refunded. It is a means for a person or family to set aside a portion of their assets for future burial and funeral services. The amount of the irrevocable contract will not be counted as an asset when the person applies for aid. The local Medicaid office can answer additional questions about this subject.
