You are allowed $750 a month. There is a way you can obtain Medicaid if you earn an income, but not enough to support a normal lifestyle, as well as the care you need. The Supplemental Needs Trust is there to help people, and is a ‘pooled’ trust. This means it is a special bank account, whereby individuals can pool their excess income into a managed account that covers for everybody’s supplemental requirements.
So let’s say that John Smith suffers from a disability, and has an income of $1,200 every month. The threshold for Medicaid is $750. This means that John Smith has $450 of excess income. In order for John to be able to apply for Medicaid, he either needs to go about a Medicaid buy-in, using a spend down, or he can get involved with the mentioned Pooled Supplemental Needs Trust.
The non-profit trust is able to look after all that apply. If John was to apply to the trust, he would do so by filling out a simple application and paying a deposit or first installment. This will be followed by a monthly maintenance fee. So in this particular case, John would have to open up a trust of $200, and a monthly fee of $20 would be charged. Each and every month, John would send his excess income to the trust. The trust then notifies Medicaid, and by doing so, John’s excess income becomes except and can’t be counted against him when he is applying for Medicaid.
So if you’re worried about going over this threshold, this is your best option. It lets you get the help you need, despite being over the given means-tested boundaries.
So let’s say that John Smith suffers from a disability, and has an income of $1,200 every month. The threshold for Medicaid is $750. This means that John Smith has $450 of excess income. In order for John to be able to apply for Medicaid, he either needs to go about a Medicaid buy-in, using a spend down, or he can get involved with the mentioned Pooled Supplemental Needs Trust.
The non-profit trust is able to look after all that apply. If John was to apply to the trust, he would do so by filling out a simple application and paying a deposit or first installment. This will be followed by a monthly maintenance fee. So in this particular case, John would have to open up a trust of $200, and a monthly fee of $20 would be charged. Each and every month, John would send his excess income to the trust. The trust then notifies Medicaid, and by doing so, John’s excess income becomes except and can’t be counted against him when he is applying for Medicaid.
So if you’re worried about going over this threshold, this is your best option. It lets you get the help you need, despite being over the given means-tested boundaries.
