If you or a loved one are considering accessing Medicaid for community care in the New York City area or its suburbs, it is advisable to consider enrolling in a Pooled Income Trust. These trusts aim to enable individuals to remain in their homes for an extended period by allowing them to utilize their income for covering expenses while still qualifying for Medicaid benefits. By joining a Pooled Income Trust, you can preserve your ability to use your income for essential costs and increase the likelihood of staying in a familiar and comfortable environment.
Why are Pooled Income Trusts needed?
Pooled Income Trusts are needed to help individuals with disabilities preserve their eligibility for government benefits, such as Medicaid, while still being able to contribute and manage their income. These trusts allow individuals to deposit their excess income into a common pool, which is professionally managed, ensuring proper administration and distribution. By doing so, beneficiaries can meet the income limits required for benefit programs, while also utilizing the pooled funds for supplemental needs, such as medical expenses or personal care, without jeopardizing their eligibility for essential assistance.
What is a Pooled Income Trust?
A pooled income trust is a legal option to become fully eligible for Medicaid without having to pay your excess amount directly to Medicaid on a monthly basis. The trust will enable you to safe guard your money. You will pay the excess amount to the trust instead of Medicaid and the trust organization will utilize your money to pay your own bills. You will no longer have excess income and will be fully eligible.