Referrers
Why Pooled Trusts are the right choice for your clients
For clients who require long-term, chronic care—with needs such as bathing, dressing, walking, or toileting—there is often no better option than Medicaid to pay for and provide these essential services.
However, Medicaid comes with strict eligibility rules that include income or savings. For many this means “spending down” their money until they have little to nothing left. This leaves them in a position where they can no longer afford the goods and services that Medicaid does not provide.
There is, however, another option that allows clients to retain access to their funds while still receiving Medicaid, and that is called a “pooled trust”.
What Is a Pooled Trust?
A pooled trust is a strictly regulated special-purpose trust created under federal law. 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 them to protect funds to help provide for an enhanced quality of life.
- It keeps them from having to spend down all of their money.
- It allows them to receive the care they need and gives them the ability to still pay their bills and purchase other items such as clothing and other expenses.
Why Everfund?
The Everfund pooled trust gives your clients a tremendous amount of freedom wherein they are in control of their money, while Everfund safeguards their monthly excess income, allowing them to retain eligibility for assistance.
Further, Everfund offers a seamless signup process, and efficient trust administration. Our accounts feature a restricted debt card program and a portal login.
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