by Linda Durzieh

When older people become incapacitated and unable to live safely on their own, they often require different living arrangements, such as an assisted living facility, or home care. Unfortunately, both of these options can be very expensive, prompting many to seek Medicaid to pay for their care. However, Medicaid assistance involves navigating through a complex process, with strict financial guidelines that can be difficult to meet.

Medicaid-Medicare: A Catch-22.

Often, individuals and their loved ones face the dilemma of not being able to afford the necessary care they require, but earn too much to qualify for Medicaid. Then, despite qualifying for Medicare benefits at age 65, they soon learn that Medicare does not cover long-term care needs. When this occurs, people turn to Medicaid to pay for their needs, only to find out that the Medicaid income limit is $1,732 per month.

What a dilemma!

Any income greater than the low limit of $1,732 per month is referred to by Medicaid as surplus or excess income. In other words, to qualify for Medicaid you must reduce your income. This is referred to as “spend-down,” which can be nearly impossible for the average person to achieve.

Now what?

To “spend-down” you must establish a pooled income trust. A pooled income trust shelters an Individual’s income and protects those who are incapacitated or who have special needs to qualify to receive Medicaid benefits.

Here’s how it works.

When you put your excess income into a pooled income trust it will not be considered by Medicaid as part of your earning limit! Once you are enrolled in a pooled trust, you simply make monthly deposits into the pooled trust from your regular income. You can fund the trust with any money you receive from Social Security, retirement accounts, IRAs, and other sources.

Your trust pays your cost-of-living expenses!

The money you put into your pooled income trust can then be used to pay for your cost-of-living expenses, but you can’t be the one to withdraw the money and pay the bills yourself. Instead, you need to allow Trusted Surplus Solutions (Trusted) to help manage the funds in your trust. Trusted then allocates your funds for you to pay for your expenses of daily living. This gives you the funds you need to pay for your monthly expenses, and also meet Medicaid’s financial limit!

Not sure what to do next?

Contact Trusted the Trusted toll free at 877-298-7878 daily from 9 am to 5 pm. Trusted is skilled in helping you through with their well-established strategy that helps people who are elderly and disabled keep their excess income to pay for all of their expenses of daily living, other than medical bills. Trust us to help you and your loved ones today! You deserve it.

Visit https://www.trustedsurplus.org to learn more, and download forms or email us. Please do not hesitate to call.

Linda Durzieh is Director of Trusted Surplus Solutions.