MassHealth Pooled Trusts provide a practical way for individuals to protect their assets while remaining eligible for MassHealth benefits. These trusts are especially helpful for seniors and individuals with disabilities who want to maintain a higher quality of life without losing access to critical healthcare services. By placing funds in a pooled trust, you can preserve your resources for supplemental needs that enhance your daily life. At Surprenant, Beneski & Nunes, P.C. , we can help you make the most of this opportunity.
What Is a Pooled Trust and How Does It Work?
A pooled trust is a unique financial tool designed to help individuals with disabilities or seniors protect their assets while maintaining eligibility for MassHealth benefits. Managed by a nonprofit organization, a pooled trust combines the resources of multiple individuals into a single fund for efficient management.
Despite being part of a larger pool, each participant retains their own sub-account, which is used to cover expenses not paid for by MassHealth. These can include transportation, personal care items, or recreational activities that improve quality of life. The nonprofit manages the trust, ensuring funds are used appropriately and for the benefit of each participant. By using a pooled trust, you can safeguard your financial future without jeopardizing your access to vital healthcare services.
Eligibility for a MassHealth Pooled Trust
Eligibility for a MassHealth Pooled Trust depends on several factors. These trusts are available to individuals who meet specific criteria, including:
- Being a current or prospective MassHealth applicant or recipient.
- Having a disability as defined by Social Security guidelines or being a senior needing long-term care.
- Possessing assets or income that exceed MassHealth’s financial eligibility limits.
If you’re unsure about your eligibility, we can help assess your situation and guide you through the process.
Benefits of a MassHealth Pooled Trust
A MassHealth Pooled Trust offers several advantages for individuals seeking to preserve assets while qualifying for benefits. Key benefits include:
- Maintaining MassHealth eligibility: By placing excess assets in a pooled trust, you can meet MassHealth’s financial criteria without the need to spend down funds unnecessarily.
- Supplementing quality of life: Funds in the trust can be used for personal expenses that MassHealth doesn’t cover, such as transportation, entertainment, or personal care items.
- Cost-effective solution: Unlike creating a standalone trust, pooled trusts are often more affordable, making them accessible even for those with limited resources.
- Peace of mind: A pooled trust ensures that your financial resources are preserved and used for your benefit, offering security and reducing financial stress.
This trust provides a flexible and reliable way to protect your future while still accessing the care and services you need.
Who Should Consider a MassHealth Pooled Trust?
A MassHealth Pooled Trust can be a valuable tool for individuals facing specific financial and healthcare challenges. It is particularly beneficial for seniors or people with disabilities who need long-term care but have assets exceeding MassHealth’s eligibility limits. If you’ve recently received an inheritance, a settlement, or other unexpected funds, a pooled trust allows you to safeguard those assets while maintaining access to vital healthcare services.
This option is also helpful for individuals with smaller asset amounts who want to avoid the complexity and cost of setting up a standalone trust. By providing a straightforward way to protect your financial future, a pooled trust can ease concerns about long-term care costs and ensure you retain access to the resources that enhance your quality of life.
How We Can Help You Establish a Pooled Trust
At Surprenant, Beneski & Nunes, we make establishing a MassHealth Pooled Trust a clear and straightforward process. We take the time to understand your unique needs and financial situation, ensuring the trust is tailored to protect your assets and maintain your MassHealth eligibility. From preparing the necessary documents to working with the nonprofit managing the trust, we handle every detail.
Contact Our Experienced MassHealth Attorneys
A MassHealth Pooled Trust offers a practical solution for protecting your assets while maintaining access to essential healthcare benefits. By planning ahead, you can secure your financial future and preserve your quality of life. If you think a pooled trust might be the right choice for you or a loved one, don’t wait. Contact Surprenant, Beneski & Nunes today to discuss your options and take the next step toward peace of mind.