Choosing the right New York State Medicaid Pooled Trust can seem like an overwhelming task, especially when you’re first learning about your options for health care coverage. Picking the wrong plan can mean you don’t get the services that are most important to you, or that you pay more out of pocket than you should to receive those services. Here are five key things to look for in a New York State Medicaid Pooled Trust to make sure you find the best option for you and your family.
What is a pooled trust?
A pooled trust (also known as an irrevocable pooled trust) is one of several types of special needs trusts that can help your loved one or family member in a nursing home receive long-term care and services. By placing funds into an irrevocable trust, you provide greater access to services from Medicaid or other programs. A pooled trust can be beneficial for people with disabilities who do not have enough assets to qualify for these benefits on their own.
The type of pooling trust used depends upon your specific needs and situation. It is important to choose wisely because once you set up such a trust, it becomes binding and difficult to change later on. A pooled trust has the following advantages to offer:
Low monthly and enrollment fees
If you’re an individual seeking long-term care coverage and budget is an issue, consider choosing a plan with low monthly and enrollment fees. Just be sure that what you save in fees isn’t eaten up by higher out-of-pocket costs for benefits. Remember: The best way to avoid large out-of-pocket expenses is by focusing on preventive measures before an incident occurs. This could mean exercising regularly, eating well and performing other healthy habits. These small changes now can have big payoffs later in life when it comes to quality of life as well as medical bills down the road.
Online account access
A good trust should provide access to an online account that shows how assets are managed, documents transactions and can be updated by an authorized representative. If you like to track your spending, or want an easy way to see where money goes each month, online access can be very helpful for monitoring trust activity. Just remember that online accounts aren’t foolproof; sometimes hackers get past security walls, so don’t forget about old-fashioned fraud prevention techniques.
Always keep track of your bank statements and review them carefully every month. If something doesn’t look right (like major withdrawals or purchases) contact your bank immediately! You can also subscribe to the services of trusted pool trusts such as KTS pooled trust.
Life planning
The kind of services your trust offers will be determined by what you and your planning team decide to do. If, for example, you don’t have any specific health conditions that require assistance with living or day-to-day tasks, then day services (including meal delivery and housekeeping) may not be right for you. Or maybe you’re more comfortable in an assisted living environment where there are plenty of staff on hand to help if something goes wrong. It all depends on what level of care you need at different points in time, which is why it’s critical to consult with experts who can design a trust that meets your needs now and well into the future—not just today.
Estate management
While you are living, your lawyers and financial advisors can help you plan for your future care. It’s important to create a durable power of attorney so that someone has access to all of your personal records (financial, medical and legal) if something happens to you. You should also have an up-to-date will in place so that any assets or proceeds from insurance are distributed in accordance with your wishes. If there is nothing in place after death, state law determines how assets are split. If possible, it’s best to choose someone outside of the family for estate administration because family members may be subject to lawsuits by creditors.
Health management
As your medical bills start to stack up, it’s important to consider how you’ll pay for them. If you have enough income, health insurance may cover most of your expenses. However, if you’re retired or disabled and don’t have employer-provided coverage, or if you do but aren’t sure whether it will be enough (especially if you’re facing high deductibles and coinsurance), you might need help with medical costs that aren’t covered by insurance. This is where a New York state Medicaid pooled trust can help.
Care management
Usually, if your loved one needs to be placed in an assisted living facility or nursing home, it will fall under medically-assisted living. This is when case managers come into play. They are medical professionals who help clients deal with physical, mental and behavioral problems and make sure that clients stay on track with medications, therapies and other care requirements.
The goal of care management is to ensure that clients have all of their needs met in a way that promotes independence as much as possible. A skilled case manager can do all of these things: Give you reminders about upcoming appointments. Help you manage your insurance benefits and paperwork. Make sure you get to doctor’s appointments on time by making transportation arrangements or booking travel plans for you ahead of time if needed.
Post-death fiduciary administration
The person who is appointed to administer an estate after someone has died is known as a fiduciary. As such, they are held to specific standards of behavior. The decedent’s assets have been frozen by law so that fiduciaries have clear instructions as to what they can do with them and when they must distribute them.
This makes their role quite different from that of an executor or personal representative, who may be able to keep business running in accordance with his or her wishes and existing policies until probate is completed. A post-death fiduciary administration takes on all these responsibilities immediately, regardless of what policies and procedures exist prior to death.
Conclusion
Don’t let your loved one’s money go to waste in a trust that isn’t designed for them. The best way to ensure they get every dollar they deserve is by seeking legal assistance from our firm. We have an impressive track record when it comes to handling these kinds of cases, and we’d be happy to review yours as well. Contact us today for more information!