You may know that low-income individuals between the ages of 19-64 can qualify for Medicaid based on their income level and family size, though each state administers Medicaid slightly differently. But did you know that if you’re over 65 or have a disability, you may qualify for Medicaid Home Care Benefits without strictly falling below the income cap?
Medicaid for Seniors and Persons with Disabilities
If you’re a senior citizen or a person with a disability you can apply for Medicaid Home Care Benefits, but you’re required to “spend down” any income you make above the threshold by giving it to Medicaid to meet the requirement for benefits. KTS Pooled Trust can help you create a Supplemental Needs Pooled Trust that acts as a legal shelter for your extra income, allowing you to spend it on covered expenses and receive Medicaid benefits.
Qualifying with Extra Income
A pooled trust company can help you apply for New York State Medicaid by first providing a free consultation to see if you qualify and how much money you would need to put into your pooled trust each month to meet the income threshold for Medicaid. Then, you’ll go through the processes of applying for Medicaid and opening a trust.
Applying for New York State Medicaid
You’ll fill out a New York State Medicaid application and collect the paperwork necessary to file. A pooled trust’s customer service experts can help you do that. They are familiar with the process, how to fill out the application with the correct information that will get you benefits, and how to obtain the necessary documents. In general, you will need proof of citizenship, birth date, and medical records from your doctor.
Opening a Trust
To get approved for New York State Medicaid, you’ll then open a trust. The money that you put in the trust will not count toward your income reported to Medicaid and will allow you to meet the income threshold. The trust functions much like a bank account, with options for direct deposit, automatic bill pay, and other features that will let you pay your covered living expenses and healthcare costs directly out of the account. You’ll make monthly deposits of your extra earnings and can make withdrawals at any time.
Get your Medicaid Approval
The pooled trust company will file with New York State Medicaid with your application and pooled trust information. These applications are set up for approval the first time, but if you aren’t approved, the company will work with you to rectify and appeal the application. They can also refer you to legal services if that is necessary for your case.
Keep Your Money and Receive Home Care
The process may seem complicated, but with a pooled trust, you also get the customer service you need to fill out everything properly and start receiving benefits. You’ll get to keep your income to pay for your expenses and receive home care benefits, ensuring that you can afford to stay in your own home and receive the help and care you need.
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