The state of New York allows individuals of any age to establish pooled income trusts to set aside excess income and still qualify for Medicaid.
The Supplemental Needs Pooled Trust assists individuals who have too much monthly income (such as Social Security payments) or financial resources (such as income distributions from an IRA) to qualify for Medicaid. The money put into this account is not counted against the person when applying for Medicaid and can be used for other supplemental needs above and beyond what is covered by Medicaid. Although the funds are pooled together in the Trust, the trust maintains a sub-account for each individual and will pay approved monthly expenses such as rent, a mortgage, car payment, utility bills and credit card payments (with certain restrictions) on behalf of the client. Monies deposited, as required by the Department of Social Services, can never be paid back to the Pooled Income Trust Beneficiary (the Medicaid recipient) but can be paid to many different vendors and service on their behalf thereby enabling them to financially qualify for Medicaid while re-routing their finances to manage their monthly expenses.
Elder Care Advisors of Long Island, LLC has a decade of experience in establishing Pooled Income Trusts on behalf of their clients and teaching their entrusted family member(s)/Powers of Attorney how to navigate, utilize and manage their family member’s Pooled Income Trust accounts.