Medicaid provides community-based health benefits and long-term care services for people with disabilities and seniors with disabling chronic health conditions who meet the income and asset requirements. In order to meet Medicaid's income limits, a person must "spend-down" any excess income by paying that money to Medicaid each month or using it for medical needs. This is often referred to as a Medicaid income spend-down.
Under Federal and New York statute, a person also has the option to deposit their excess income into a pooled supplemental needs trust (SNT). This offers people with disabilities a better way to meet their spend-down requirement so they can use their excess income to pay bills that allow them to get care in the community.
The income deposited into the pooled trust is disregarded when determining Medicaid eligibility each month, thereby allowing you to receive Medicaid services. Funds in the pooled trust are then used to pay living expenses and other personal needs that allow you to remain in the community for as long as possible.
With the money you deposit into the trust each month, you can request that NYSARC Trust Services pay bills such as rent, mortgage, utilities, cable, and other personal needs that are for the sole benefit of the beneficiary. NYSARC Trust Services charges monthly fees to administer the trust based on the current fee schedule.
Watch this video to learn how this beneficiary from Rensselaer, New York used a NYSARC Pooled Trust to get care at home and avoid a nursing home!
To establish a pooled trust you must provide proof of a disability and complete the Joinder Agreement (trust application). You can fund the trust with your first spend-down deposit or open the account with as little as $300, while you await approval from Medicaid. Here are instructions on how to enroll!
For more information, give us a call at (518) 439-8323. We would be happy to assist you!
NYSARC Trust Services representatives have always been very professional and wonderful people to work with. They are doing great work with helping people in need.
Yours is the golden standard by which all agencies should be measured.
The quality of service offered by NYSARC Trust Services is unparalleled.