Q: What is a pooled trust?
A: A pooled trust is a great tool that New York Medicaid recipients receiving homecare services can use to shelter their monthly “surplus income.” Currently in New York, an individual applying for Community (homecare) Medicaid can keep up to $1,563 of his or her monthly income. Income above this amount is considered surplus income. New York allows for Community Medicaid recipients to deposit their surplus monthly income in a pooled trust, typically managed by a charitable organization. The organization running the pooled trust typically sets up a sub-account for the individual Medicaid recipient into which his or her surplus income is deposited. From that sub-account, the organization can pay bills incurred by the Medicaid recipient.
A pooled trust is an excellent way to make sure a person can be eligible for Medicaid and still be able to utilize all of his or her own income despite Medicaid’s income limits. This is often the only way that individuals can afford to remain in their own homes while receiving the services they need.
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