Am I Eligible To Join A Pooled Medicaid Trust? – If you receive Medicaid, are disabled, and meet specific financial requirements, you might be able to join a pooled Medicaid trust. This could help you receive more benefits and improve your
quality of life. Learn the details of Medicaid trust in this blog post.
What Is A Pooled Medicaid Trust?
A Medicaid Pooled Income Trust allows beneficiaries to continue receiving or maintaining their Medicaid benefits even if they have additional money. This trust will enable you to meet your monthly expenditures for food and bills at the same time. According to federal and state laws, member participation is safe and a legal method to gain Medicaid Home Care Benefits.
Why Should I Join A Pooled Medicaid Trust?
A pooled trust can assist if you’ve applied for Medicaid but aren’t eligible because you have extra money, surplus funds, or were advised to “spend down” because you surpassed the income limit.
A Pooled Income Trust, commonly referred to as a Medicaid Pooled Trust, is designed to help make you or your loved one financially eligible for government benefits like Medicaid Home Care.
Who Is Eligible For A Pooled Income Trust?
To become a member of a Pooled Income Trust, it is required that you’re a Medicaid recipient. To join the KTS trust, the beneficiary must be a resident of New York state.
Joining a Pooled Trust is one way to become eligible for Medicaid benefits if you initially find that you do not qualify. By depositing excess income into the trust each month, your assets will be reduced, making you qualified for Medicaid coverage. The income can then be used to pay for expenses approved by the government.
What Are The Requirements For Joining A Pooled Medicaid Trust?
To be eligible to join a pooled Medicaid trust, you must meet the following criteria:
- You must be over 65 years of age
- You must be disabled as defined by the Social Security act
- You must be receiving benefits from Medicaid
- The beneficiary, a Power of Attorney, or their guardian must create the trust account.
- Excess income over the monthly Medicaid allowance must be moved into the trust account.
Pooled Medicaid Trust Benefits
This kind of Trust can help you with monthly expenses and allow you to stay home while at the same time receiving Home Care Benefits from Medicaid. An individual who earns income above the allowable limits of Medicaid will have to give their excess monthly income to Medicaid if they don’t have a Pooled Income Trust.
You may receive or maintain Medicaid benefits when you contribute your monthly income to a Pooled Income Trust. Rather than giving Medicaid your money as a spend-down, it is utilized to pay for your basic living costs.
Pooled Medicaid Trust: In Closing
So, if you’re interested in learning more about pooled Medicaid trusts and whether or not you might be eligible to join one, please reach out to a professional specializing in this area. They are happy to answer any questions you may have and can guide you on whether a pooled Medicaid trust is the right solution for you.