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A Pooled Income Trust is a special type of trust that allows individuals with a disability to become financially eligible for Medicaid Coverage while preserving their monthly income in the trust for living expenses.
Under current Medicaid Law in New York, monthly income in excess of the Medicaid Monthly income allowance must be spent down on medical or home care services before Medicaid will provide coverage. Unfortunately, the excess income cannot be spent on living expenses such as food, rent, and clothes, and bills. As a result, Medicaid recipients may not have sufficient income to cover their daily living expenses.
According to Federal Law, Medicaid recipients who deposit their excess income in a Pooled Income Trust will not be subjected to the rules that normally apply to excess Income. The income deposited in the trust will not be counted as available income that needs to be spent down each month.
By creating a Pooled Income Trust, the Beneficiary benefits from having the excess income available to cover expenses of daily living while also qualifying for Medicaid. Funds deposited in the trust can be used to pay the beneficiary's rent, utility bills, and other daily living expenses.
Once a Trust account has been established, disbursement requests can be submitted to the trust for payment.