Do you want to qualify for Medicaid, but think your monthly income is too high? There may be a way for you to qualify to receive Medicaid services and still hold on to your money.
If you have monthly income, such as a pension, Social Security, etc. but want the benefits that come with being eligible for Medicaid, then you should join the LIFE, Inc. Pooled Income Trust.
In order to qualify for Medicaid, you must meet both the medical and financial criteria. The financial criteria encompass both asset and income limitations. Signing up for LIFE’s pooled income trust is the best way to qualify for community Medicaid when your income does not meet the strict guidelines established by Medicaid. For 2015, Medicaid allows only $825 of monthly income for an unmarried individual, or $1,209 for a married couple. If your monthly income is above that amount, then you may have surplus income.
Medicaid allows patients to receive services by spending down their surplus income. This can be done in three ways: (a) Write a monthly check for the surplus amount to Medicaid, (b) Write a monthly check for the surplus amount to the Managed Long Term Care Plan (MLTC), or (c) Join a pooled income trust, administered by LIFE as Trustee, and use your surplus income to pay your own expenses. Being part of LIFE’s trust allows you an extensive list of payable expenses, with the funds being accessible for your “care, comfort, well-being and training”.
A pooled income trust is the best and most efficient way for people with a monthly surplus to remain qualified for Medicaid, without affecting eligibility for SSI, food stamps, Section 8 or other governmental benefits. Depositing the surplus amount into the trust each month ensures that you will be automatically eligible for Medicaid.
You can live at home, not in a home. Joining LIFE’s Pooled Income Trust permits you to experience a higher quality of life – allowing people with disabilities to maintain greater independence. You can instruct LIFE’s trust to make monthly payments on your behalf, covering a wide-ranging list of expenses, including but not limited to: rent, utilities, mortgage, cable, cell phone, groceries, real estate taxes and certain medical expenses.