Pooled Income Trusts
Under the Medicaid rules, recipients of Community Medicaid benefits are limited as to the amount of monthly income they can have. Any monthly income above the permitted amount is considered “Excess Income” by Medicaid. Medicaid requires that the amount of the Excess Income be spent on the care of the recipient or paid to Medicaid to be applied to the cost of the home care aides provided by Medicaid.
The reality is that those who are receiving Community Medicaid benefits cannot afford to give up their “Excess Income” as it is needed to pay their bills. New York Medicaid Consulting LLC can protect this “Excess Income” by establishing a Pooled Income Trust.
A Pooled Income Trust is an account established in the name of the Community Medicaid recipient with a trust company licensed by the State of New York and approved by Medicaid. The Community Medicaid recipient can deposit the amount of “Excess Income” in their account with the Pooled Income Trust each month and then that money can be used to pay the Medicaid recipient’s monthly bills. As such, the Community Medicaid recipient’s income is protected and still fully available for monthly expenses. New York Medicaid Consulting LLC, your Medicaid planning experts, provides all the services necessary to establish a Pooled Income Trust and then works with the family to guide them through the process of utilizing the Pooled Income Trust.