Pooled Supplemental Needs Trusts (SNT)
A pooled trust is an irrevocable supplemental needs trust (SNT) that, under Federal and New York statute, allows people with disabilities and older adults seeking long-term care services to spend down excess funds in order to qualify financially or maintain eligibility for government benefits, such as Medicaid and/or Supplemental Security Income (SSI).
Pooled trusts give people with disabilities a way to access vital health benefits while utilizing the excess funds they deposit into the trust to pay for items and services not covered by those benefits.
In accordance with Federal statute, first party pooled trust accounts close upon the death of the beneficiary. Any funds that remain in the account must be retained by the trust or paid to the State(s) that provided Medicaid services on behalf of the beneficiary up to the amount of any outstanding Medicaid lien/s. The funds that remain in a third-party pooled trust are distributed according to the wishes outlined by the Donor in the Joinder Agreement.
If you have questions, give us a call at (518) 439-8323!
We have an exceptional customer service team available weekdays from 8:30 AM – 5:00 PM who would be happy to assist you.
Who is eligible for a Pooled Trust?
New York residents of any age who are disabled as defined by Social Security Law can establish a pooled trust to deposit excess monthly income and/or resources so that those funds are no longer considered when determining a person’s eligibility to receive services through means-tested government benefits.
Benefits of a Pooled Trust
- Qualify and maintain eligibility for Medicaid and/or SSI benefits
- Protect funds for supplemental needs that enhance quality of life
- Get care in the community and be able to afford to pay bills
- Avoid having to spend-down funds quickly
NYSARC Pooled Trust Programs
NYSARC's Community Trusts are pooled trusts, which qualify as supplemental needs trusts (SNT) for people with disabilities as described under Social Security Law Section 1614(a)(3)[42 USC 1382c(a)(3)]. First-party SNTs are funded with the personal income and/or assets of the person with disabilities. While third-party SNTs are funded with assets that belong to someone else.
How It Works?
Pooled trusts are established and managed by a not-for-profit organization, such as NYSARC, and a financial institution serves as co-trustee. Each beneficiary has their own sub-trust account, however the funds are pooled for investment and management purposes.
As Trustee, NYSARC will administer the account and distribute funds to pay third parties for eligible expenses and purchases that are for the primary benefit of the beneficiary when provided with required documentation.Once the funds are deposited into the trust, the money cannot go back to the beneficiary directly in order to protect their eligibility for benefits.
Trust funds can pay for many things, but not all requests can be paid in order to comply with the policies set by the Social Security Administration’s (SSA) program operations manual system (POMS).
If you have questions, give us a call at (518) 439-8323!
We have an exceptional customer service team available weekdays from 8:30 AM – 5:00 PM who would be happy to assist you.
Why You Should Choose NYSARC?
NYSARC Trust Services has been administering supplemental needs trusts since 1972 and is New York’s original provider of pooled trusts to spend-down income to qualify for Medicaid. NYSARC hashelped thousands of people protect their eligibility for benefits and enhance their quality of life.
To learn more, see why so many peoplechoose NYSARC Trust Services!
