Entering Insurance Data in BEACON

The Insurance page is enabled whenever you select a Yes answer to the Insurance question in the Income and Asset Q and A Navigator.

Insurance types include:

  • Burial insurance
  • The value of a prepaid funeral arrangement, not to exceed $1,500, is a non-countable asset
  • Life insurance - The cash value of life insurance policies is non-countable provided the insurance policy has not been cashed
  • Prepaid funeral expenses - A prepaid funeral arrangement may include a contract with a funeral director or a separately identifiable trust fund.  Use of any portion of this asset for any purposes other than funeral or burial arrangements will render the balance of the asset countable

Unless you indicate that ownership or accessibility is less than 100 percent, the insurance page treats the cash surrender value of life insurance and burial insurance as countable in full and the countable amount for each program is displayed at the bottom of the page. You can change this amount, when appropriate.

Reminder: The two icons at the top right-hand corner of this page are for Verification on the Fly and Case Notes. The icon at the bottom right hand corner of this page is for the Case History.

The Verification on the Fly Icon is available on all workflow pages. Click on the Verification on the Fly icon to enable it (a blue check mark will appear). You will be able to verify any new or changed item on this page without leaving the page. To turn off the Verification on the Fly, click on the icon again (the blue check mark will no longer appear). If the Verification on the Fly icon is not enabled you will have to visit the Verification tab to record receipt of a verification.

The Case Notes icon is available on all the workflow pages. The Case Notes icon can be used to make notes, concerning the page, actions taken or actions to be taken, for anyone visiting the page.; however, the Case Notes can only be viewed on the Narrative tab and not on the page itself.

The History icon is available on all the workflow pages. The History icon displays a historical record of past EBC transactions and the date entered, from most recent action to the first application.

Add a New Insurance Asset Record

  1. access the Insurance page
  2. select a client from the Members List (BEACON defaults to grantee)
  3. for Type, select an insurance type from the dropdown list View/HideView/Hide
    1. Warning: If you select the wrong Type, to start over, click clear, and select the correct type.

    Burial

    Life

    Prepaid Funeral

  4. for Face Value, enter the face value of the insurance.  This is for information only and is not used in EBC calculations
  5. for Cash Surrender Value, enter the current dollar value of the asset

    1. Important: BEACON adds a decimal point only for whole dollar amounts (if $40 is entered, BEACON adds the decimal point and the amount will show as $40.00). You will need to add a decimal point when entering the value of financial holding that is not a whole dollar amount. ExampleExampleIf a value of $40.50 is entered in BEACON as 4050, BEACON will add a decimal point and make the amount $4050.00.  You will need to insert a decimal point manually ($40 + decimal point + 50) to capture the correct amount of $40.50. 

  6. for Prepaid Funeral Amount, enter the dollar amount if the insurance type is prepaid funeral

    1. Important: Prepaid funeral expenses up to $1500.00 are non-countable. BEACON, however, does not exclude the first $1500.00.
      When entering prepaid funeral expense information be sure to enter as the countable amount, if 1500.00 or less, or subtract $1500.00 from the prepaid funeral amount and enter the resultant amount in the Prepaid Funeral Amount field.

  7. for % Owned, enter the percentage of the asset owned by the client, if less than 100%  ExampleExampleIf the client owns half of the asset enter 50 for 50%. 
  8. for % Accessible, enter the percentage of the asset that is accessible to the client, if less than 100%
  9. for Inaccessible Reason, if the client cannot access the asset, select a reason from the dropdown list.
    1. Cannot Be Subdivided
    2. In Battered Women’s Shelter
    3. In Legal Proceedings
    4. Incompetent-No Guardian
    5. Lack of Ownership Partial Ownership
  10. for Carrier/Undertaker Name, enter the name of the insurance carrier holding the life insurance policy or the undertaker holding the burial insurance policy
  11. for Policy Number, enter the policy number of the insurance policy
  12. to get Countable Amounts, click calculate; the system will calculate the countable amount for each program based on program rules and information entered for the asset on this page
  13. click save to save the record to the select list
  14. to add a new record, complete steps 2-13
  15. click Next to save your entries or changes and go to the next page in the workflow, or
  16. click Finish to save your entries or changes and to exit the page and the workflow

Related Topics

Changing Insurance Data

Last Update: March 15, 2012