In conclusion, it seems as though Medicaid Homecare services together with a Pooled Trust may be just the right option for many individuals and couples. For this reason, it is important to keep current on bill submission so funds do not have a chance to accumulate. Finally, the balance of any funds remaining in the trust at the time of the passing of the Medicaid recipient becomes the property of the trust. Next, any bills submitted to the trust for payment must be in the name of the Medicaid recipient. First, it is important to note that the trust may only pay non-medical bills on behalf of the Medicaid recipient, for most this is not an issue, as Medicaid will be covering the recipient’s medical expenses. There are a few things that you should keep in mind when considering whether the pooled trust is right for you. As you can see, this process allows the applicant to continue relying on his monthly income to pay his bills, and at the same time, reduce his income amount to that amount which is permitted under the Medicaid rules. The trust deducts a small monthly fee for servicing these payments and then, on behalf of the applicant, pays those household bills. Together with the check, the applicant submits household bills equal to the amount sent to the trust fund. Functionally, the way that these trusts work is that the applicant sends a check to the fund monthly for that amount which exceeds the allowable limit. New York permits an applicant to deposit their excess income into a trust fund, which is referred to as a “pooled trust.” These pooled trusts are created by not-for-profit agencies and are a terrific way for persons to take advantage of the many services available through Homecare Medicaid while still preserving their income for use in meeting their monthly expenses. However, under the New York State Medicaid Rules, individuals who are otherwise eligible for Medicaid have another option. For many couples (and individuals) who rely on their entire income to live, turning over this “excess” income would leave them impoverished and for that reason, Medicaid does not seem like a viable option. Typically, Medicaid would be entitled to any income received by an applicant in excess of this amount as a reimbursement. In addition, because Medicaid is a means tested program, the homecare applicant must not exceed certain income and resource thresholds. For starters, in order for a person to be eligible for Medicaid Homecare Services they must be over 65 and disabled. With careful planning and the use of a nonrofit Pooled Income Trust, many elderly persons are able to age in place, get the homecare services that they need, and preserve their monthly income for payment of household bills. The good news is that an elderly person’s high income does not automatically disqualify them from receiving Medicaid Homecare Benefits. The situation described is a situation in which many elderly couples find themselves. The question: Is there a way to preserve his income for her and secure services for him at the same time?Īnswer: Yes. Medicaid will cover this type of care so long as the recipient is under the income and asset limit set by Medicaid. Other than that, they do not have much in savings. They own their home and each receive social security and a pension. Even so, neither one is ready to move to assisted living or into a nursing facility. Both are beginning to need assistance with their daily activities. While not necessary for everyone, the end result of joining a Pooled Trust is that trust beneficiaries can receive the public benefits that meet their essential needs while maintaining a supplemental fund that is available to meet their special or supplemental needs that are not provided by public benefits.įor example: The clients are in their 80s. A Pooled Trust is a special type of trust that allows individuals to become financially eligible for public assistance benefits while preserving their resources in trust for supplemental needs.
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