Qualifying for Medicaid can be a nightmare for many. It is an arduous process, but you may also make too much money or have too many assets and surpass the income threshold to qualify.
Many face this common problem when applying for government-assisted health insurance. They make too much money to prepare but not enough to pay for private health insurance.
Fortunately, there is the option of a pooled trust for those seeking to qualify. Continue reading the article below to learn more and why you should use a KTS Pooled Trust.
What is a pooled trust?
In 1993 the federal government passed The Omnibus Budget Reconciliation ACT to help the disabled and elderly qualify for Medicaid even if they don’t meet the financial requirements required. This is called a pooled trust.
A pooled trust is a program that allows you to pool your money together to lower your income number and help you qualify for Medicaid, even if you surpass the income bracket required.
Many people find themselves in between income brackets, where they make too much money or have too many assets to qualify for Medicaid but not enough to pay for health insurance out of pocket. A pooled trust is designed to help these people qualify for Medicaid.
What are the legal requirements of a pooled trust?
- The pooled trust must be maintained by a nonprofit organization.
- Every participant has an individual account (sub-account), and all their assets are pooled together into a master trust.
- The sub-account can only be used by and for the individual it’s linked to.
What to Look for In a Pooled Trust Organization
A Good Reputation: Just because an organization is a nonprofit doesn’t mean they are saints who always look out for the best interest of their clients. You must research the organization’s history of managing trust and its reputation among previous clients.
Fees and Dues: Every pooled trust organization will charge fees and dues to cover expenses. Research the startup costs and monthly payments you will be charged and precisely what they cover.
Customer Service: Consider what you are looking for in a Medicaid service. What customer service needs do you expect to be taken care of by the organization? Call the organization to get a feel for their customer service and past research customers’ experience with the organization.
How Do They Operate: Research how the organization operates from top to bottom. You will want to find out who is in charge of managing the trust. Do clients have access to their balance at any time? Do they involve family members and other guardians in any decisions regarding the pooled income? These are all questions you’ll want to answer before making a decision.
Today, inflation is straining many household finances. Gas, food, rent, and utilities are all costing more these days. If you decide to join a pooled trust, your fees might be going up, too. However, not all Medicaid pooled trusts are raising their fees.
A Pooled Trust Can Assist You or Your Loved One Needs
Medicaid no longer has to be unavailable for those who don’t qualify financially. With a pooled trust, you can get assistance in meeting the appropriate income brackets and no longer have to worry about how you will be able to take care of yourself or your loved one.
