It seems almost everything has changed since a year ago—even finances. For some us and our loved ones with special needs, this means we might have more of it. With fewer places to go and things to spend money on, savings are growing. While having extra money is good, accumulating more than $2,000 can lead to an issue with SSI and Medicaid benefits.
In April 2020, $1,200 stimulus checks were issued to many individuals. In January 2021, another $600 was released. And soon, another $1,400 will be distributed. These funds could count against SSI and Medicaid benefits. The good news is that the federal government has allowed 12-months before they will be counted toward the $2,000 limit. But for the first $1,200 issued in April 2020, that grace period is about to end.
What can be done with stimulus and other excess funds to avoid going over $2,000? The Eden Autism Special Needs Pooled Trust prevents funds that are placed in an individual’s trust account from counting toward the $2,000 resource limit. This allows individuals to build their savings and maintain eligibility for benefits.
Here are some of the advantages of opening a trust account with the Eden Autism Special Needs Pooled Trust:
- A trust account is easy to open.
- With excess funds in a trust account, maintaining benefit eligibility is no longer an issue – no more frivolous spend-downs.
- Individuals can save any amount of money to be used when needed for allowable distributions from their trust. For example, funds could be used for a medical procedure that is not covered by current benefits. Saving for recreational and other expenses such as a cell phone, tablet, transportation, vacation or adaptive equipment provides for the purchase of items that can improve one’s quality of life. The funds placed in the trust are to be used for the sole benefit of the trust account holder and are meant to improve their quality of life.
- Family members and friends can easily add money to the trust account to help ensure that funds are available for their loved one’s future needs. It is just as easy to withdraw their funds for additional and supplementals needs.
- The pooled trust is ideal for individuals who moderately exceed their resource limit as well as those who receive large sums such as an inheritance, court award or retroactive Social Security payments.
- Participation is low cost.
Start saving and planning for your loved one’s future while safeguarding their benefits through Eden Autism’s Special Needs Pooled Trust.
Contact Sheri Kanniard, Eden’s Supervisor of Representative Payee Services at 609.987.0099 x6316 or sheri.kanniard@edenautism.org.
