WHY JOIN A POOLED TRUST?
Qualify for Benefits and Maintain Financial Eligibility
People with disabilities who receive Medicaid and/or Supplemental Security Income (SSI) benefits, or who may need these benefits later in life, can only have a certain amount of money in their name in order to qualify for these vital programs. When a person comes into a sum of money or has money that puts them above the financial limits, establishing a trust through NYSARC Trust Services allows a person to protect those funds to become eligible or maintain a person’s financial eligibility for services.
While these benefits cover many of the basics of daily life, funds in a trust account can further improve a person’s quality of life by providing the means to supplement the services they receive through means-tested benefits.
Purpose of a SNT
Protect excess income and assets to qualify financially for means-tested benefits and preserve a person's financial eligibility for Medicaid community services and Supplemental Security Income (SSI) benefits.
WHO CAN BENEFIT FROM A TRUST?
Provide the Means to Improve Quality of Life
Establishing a pooled trust can help a person be able to live at home for as long as possible by allowing them to qualify financially for services and afford to pay their bills rather than that money going to pay for the cost of their care.
People who receive means-tested benefits can utilize trust funds throughout their lifetime rather than having to spend it down quickly, and all too often frivolously, to avoid a reduction or interruption in their services.
You might consider establishing a trust if you need to:
- Spend-down monthly income to qualify for Medicaid home care and other community-based services
- Deposit cash-based assets to avoid going over the limits for Medicaid or SSI
- Leave money to a loved one with a disability without jeopardizing financial eligibility for benefits
BENEFITS OF A POOLED TRUST
Other Benefits to Our Services
Pooled trusts are managed by non-profit organizations and offer many benefits to beneficiaries and their families:
- Pooled trusts are quick and easy to establish, simply apply to join
- Low minimum funding requirements
- Experienced non-profit trust administration
- Funds are pooled for investment and management purposes
- Electronic deposits and automatic payments simplify the process
- Online access to account information
- In New York, even people over 65 can deposit funds into a pooled trust
