Participants
Why Pooled Trusts are the right choice for you.
However, Medicaid comes with strict eligibility rules that include your income or savings. For many this means “spending down” their money until they have little to nothing left. This leaves you in a position where you can no longer afford the goods and services that Medicaid does not providesuch as rent, groceries, and utility payments.
There is another option that allows you to retain access to your funds while still receiving Medicaid, and that is called a “pooled trust”.
What Is a Pooled Trust?
A pooled trust is a special-purpose trust created under federal law. Pooled trusts allow you to use your money for daily expenses without it being counted as “surplus income” in regards to your Medicaid income threshold eligibility. It’s a way for you to get the care you need without giving up your entire income. Simply put, you get your medical bills paid for by Medicaid and you get to use your excess income for other essential services.
The rules of a pooled trust include:
- The trust must be created and maintained by a nonprofit association.
- Each member of the trust has their own separate sub account; however, for investment and management purposes, all incomes of the master trust are pooled together.
- Sub accounts do not have to be created by the disabled individual. They can also be created by a parent, grandparent, guardian, or a court.
- Sub accounts can only be used for the benefit of the disabled individual.
- Upon the death of the disabled individual the members of the trust will pay to the state the amount remaining in the trust to further enhance the quality of life for disabled individuals.
Benefits
There are many benefits of a pooled trust, including being able to qualify for and maintain eligibility for Medicaid and/or SSI benefits. Other benefits include:
- It allows you to protect funds to help provide for an enhanced quality of life.
- It keeps you from having to spend down all of your money.
- It allows you to receive the care you need and gives you the ability to still pay your bills.
Why Everfund?
The Everfund pooled trust gives you a tremendous amount of freedom wherein you are in control of your money, while they safeguard your monthly excess income, allowing you to retain eligibility for assistance.
Everfund makes it easy. We come down to your house and work with you at your time, place, and convenience. We are always here to answer your questions, and we are committed to what we do so that you have a pleasurable and efficient experience.
Let's Talk!
We are here to assist you! Feel free to contact us with questions or comments and we will get back to you as soon as possible