Community Medicaid applicants, and applicants who require home care services, will need to pass the income and resource eligibility levels.
Presently the maximum resources an applicant is allowed to retain a total of $15,900 and the maximum monthly income is $904.
Most applicants monthly income is much more than the $904 allowed. Considering the allowed monthly income is so low some potential applicants are afraid to apply and therefore deprive themselves of the services they are entitled to. Those who proceed with the application have a choice. One option is to surrender the surplus income to Medicaid on a monthly basis. The second option allows Applicants to protect their surplus income by joining a Medicaid approved pooled income trust.
What does a pooled income trust offer the applicant?
Applicants will surrender their monthly surplus by depositing their surplus income into a pooled income trust on a monthly basis. Applicants who deposit their surplus income into a pooled income trust can use the money to have their bills paid by the pooled income trust. Bills such as, rent, cable, electric, maintenance, mortgage, credit cards and any bill that the applicant receives.
Utilizing a pooled income trust allows the applicant to use the spenddown money.
For additional information, contact us at (718) 575-5700