If you’re a senior citizen, you may qualify for Medicaid to help defray home care costs and pay down Medicare premiums and expenses. You may not know that in addition to Medicare benefits, you could have the added assistance of Medicaid. While Medicaid is usually for low-income individuals, senior citizens can qualify through a special “medically needy provision.” The problem is the rules are complex, and you might find yourself frustratingly denied or asked to pay more to Medicaid than you planned.
If you need home care assistance or other benefits covered under Medicaid, KTS Pooled Trust can help.
Medicaid Will Limit How Much Money You Keep in Your Pocket if You Don’t Have a Plan
If you qualify for Medicaid but make income in excess of the Medicaid income cap, you’re required to “spend down” the amount of income you receive above that threshold, which is fairly low. Essentially, you’ll be giving up any income over that limit in exchange for home care benefits, and chances are, you really need your income to defray your other healthcare costs. This provision can seem like a nightmare and keep you from being able to stay in your own home with quality care if you don’t have a plan.
Pooled Trusts Can Help You Keep Your Money
A Supplemental Needs Pooled Trust, also known as a Medicaid trust, allows you to keep your money in a separate account and pay your medical expenses out of that account. A pooled trust will work with you to determine how much of your monthly income needs to go into the trust to reach the Medicaid income cap. You must pay any income in excess of this threshold into the trust each month to avoid paying those funds directly to Medicaid.
In this way, you get to keep your income and use it when you need to pay for healthcare instead of losing the money all together. These trusts are permitted by law under the complex rules and requirements of Medicaid.
Pooled Trust Firms Can Help You Apply for Medicaid
Another advantage of using a pooled trust is the knowledge these companies have collected about how you can receive full Medicaid benefits. Pooled trust companies can help you apply for Medicaid and explain how to fill out the paperwork. They will also help you with what supporting paperwork you need to gather, like medical records and proof of citizenship. If, for some reason, your claim is denied, they can help you figure out how to re-apply for benefits.
Have Confidence that You Can Get the Care You Need
Though the Medicaid rules make this a complex process, have confidence that an expert in pooled trusts can help you navigate this complex area of healthcare to receive home care benefits and keep your income for your own healthcare needs. Looks for a reputable company that will guide you through the whole process and ensure that you’re meeting the requirements each month to continue to receive Medicaid and save your money.