By Linda Durzieh
When Medicaid administrators placed limits on those who received benefits, they wanted to make sure that people were being honest about their needs. However, what happens when elderly or disabled people on a fixed income are making too much to receive Medicaid, but have to use their limited income to cover medical bills before Medicaid is available? Unfortunately, they find themselves in a position where it is difficult to pay for their basic living expenses. That’s where a pooled trust can make all the difference.
What is a Pooled Income Trust? A pooled income trust helps elderly or disabled people who receive Medicaid keep their excess income to pay for monthly expenses other than medical bills, such as groceries, utility bills, and general expenses of daily living. Here’s how it works. When your income is over the limit to obtain Medicaid, it gets deposited into a special pooled income trust that is set up for you. The money in this trust is yours to use for daily expenses, but is no longer counted as “surplus income” for Medicaid eligibility. You then get your medical bills paid for by Medicaid, but can use your excess income for other essential expenses.
Is A Pooled Trust Legal? Yes! It was established by Congress in 1993 and authorizes using supplemental needs trusts to help seniors or individuals with disabilities of any age.
What is Trusted Surplus Solutions? Trusted Surplus Solutions is an organization that helps seniors and individuals with disabilities set up a pooled income trust. Whether you are thinking about getting an aide to help you with daily chores, or getting help for a member of your family, our goal is to help you get what you need and keep what is yours. If you are making too much money to qualify for Medicaid, we work with you to help you keep your excess income while still qualifying for Medicaid and getting home care. Setting up a pooled trust allows you to keep your Medicaid benefits, such as long-term care, and to also keep your excess income.
How does a Pooled Income Trust work? To put it simply, a Pooled Income Trust allows people who earn too much money to qualify for Medicaid to put the extra money into a special trust, so that the person applying for Medicaid can use it to pay for living expenses like rent, mortgage, or groceries. You then get to spend that money down. Each month, we put your excess income on a credit card that you use for living expenses. The card works just like any credit card. It can be used for regular groceries, or even clothes for an upcoming holiday or event. You can then use that money for paying your bills, transportation, home basics, or everyday needs.
Learn more about Pooled Income Trusts, and how we help you create one and hold your hand throughout the process by calling us today toll free at 877-298-7878. Also, learn more at www.trustedsurplus.org, where you can download necessary forms, or contact us with questions.
