A pooled trust is an irrevocable supplemental needs trust (SNT) that, under Federal and New York statute, allows people with disabilities to become financially eligible for government benefits such as Medicaid and/or Supplemental Security Income (SSI).
In New York, pooled trusts are established and managed by a not-for-profit organization like NYSARC and a financial institution serves as co-trustee. Each beneficiary has their own sub-trust account, but the funds are pooled for investment and management purposes.
Benefits of a Pooled Trust
Pooled trusts are intended to supplement government benefits by purchasing life-enhancing items and services that a person’s benefits do not provide. Once the funds are deposited into the trust, the money cannot go back to the beneficiary directly in order to protect their eligibility for benefits.
As Trustee, NYSARC will administer the account and distribute funds for the sole benefit of the beneficiary to purchase eligible items and services when provided with required documentation. Trust funds can pay for many things, but not all requests can be paid in order to comply with the policies set by the Social Security Administration's (SSA) program operations manual system (POMS).
In accordance with Federal statute, pooled trust accounts close upon the death of the beneficiary. Any funds that remain in the account must be retained by the trust or paid to the State(s) that provided Medicaid services on behalf of the beneficiary.
If you have questions, give us a call at (518) 439-8323! We have an exceptional customer service team who would be happy to assist you.
NYSARC Trust Services has been administering supplemental needs trusts since 1972, helping thousands of people protect their eligibility for benefits. We are New York's original provider of pooled trusts to meet Medicaid's income spend-down requirement. To learn more, see why so many people choose NYSARC Trust Services!
NYSARC administers first party pooled trusts to protect excess resources (assets) and/or monthly income, including:
Not sure which trust is best for you? Call (518) 439-8323 and our team can help guide you!
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