Quick guide to enrolling in a Medicaid pooled income trust
Learning how to take care of yourself and a disability as you get older can be a confusing process – but it doesn’t have to be. Learn here the easy steps of how to apply for a joint healthcare fund that lets you use long-term care and home care in your community.
How a Medicaid Pooled Income Trust Works
Learning about how a Medicaid pooled income trust works, the first thing to know before figuring out how to enroll in Medicaid trust is what this process actually is. If you belong to a Medicaid pooled income trust, this means that the money you deposit into this fund allows you to qualify for Community Medicaid services. If you require long-term care, such as those with chronic illness, or you need home care, you can qualify for things like Hospice or elderly help by putting your monthly income into this pooled trust.
The funds in the pooled trust are used to pay for your living expenses, such as your rent per month, so you can still afford to pay for care within the community you live in. Instead of going to a hospital or relocating to get medical care, you can stay in your community by investing in this trust.
When the beneficiary dies, the money in the pooled income trust is given to other people in the community to help with their medical bills.
Let’s find out how to enroll in the Medicaid pooled income trust.
Enroll in a pooled needs trust
The first thing you should do is to enroll in the pooled supplemental needs trust. To enroll in this trust, you usually need certain documents, such as a joinder agreement, a copy of the beneficiary’s social security award letter, and guaranteed funds.
- Joinder agreement – this document shows that you have signed a document regarding the policies for treatment of income placed in the pooled trust.
- Copy of beneficiary’s social security award letter – this letter shows the type of benefit you will receive, such as retirement or survivor’s benefit, along with information like your Medicare eligibility dates, date of birth, and claim number.
- Guaranteed funds – proof of income or funds that show you can pay the pooled trust, such as cashier’s check or money order.
Apply for home care and submit the pooled trust documents
The next step in applying for the Medicaid home pooled trust is to apply for Medicaid. There are two main documents you will have to show to qualify for this step:
- Proof of SNT – The documents you have to show include a master trust agreement, joinder agreement, verification of payment to the Medicaid pooled income trust, and acceptance letter by the Trust.
- Proof of disability – You need to show your approval of disability benefits via the SSDI or SSI, medical report for the determination of disability by your doctor, disability questionnaire filled out by a social worker or family member, and the HIPAA paperwork.
Although it can seem confusing to learn how to apply for a Medicaid pooled income trust, learning the steps can help you simplify the process and gather the necessary paperwork. By learning how a Medicaid pooled income trust works, you can have your family and professionals help you with the disability process to make sure you qualify for long-term care or home care for your illness.