As Medicaid Asset Limitations Return To Normal, Do You Have All The Financial Facts That You Need?
Arlington Heritage Group, an INARF Associate member, shares response to the DDRS Announcement: FSSA To Resume Standard Rules For Asset Limitations for Medicaid Recipients, March 1, 2021.
During the beginning of the COVID-19 pandemic, safeguards were put into place to ensure that Medicaid beneficiaries’ coverage would not be discontinued during the public health emergency. While this continues, there is a foreseeable end to this measure and Medicaid, as well as SSA will soon be paying close attention to resource limits.
This pandemic has created a buildup of money in your consumers’ checking accounts after the receipt of two stimulus checks (April 2020 for $1,200 and Jan 2021 for $600), all while spending is at an all-time low. Preserving funds above the resource limit, while maintaining benefit eligibility is of vital importance to your consumers. This can be done by using exempt financial solutions, such as a special needs trust, a special needs pooled trust and ABLE accounts.
A special needs pooled trust controlled by the provider as trustee brings the best of all worlds to a non-profit agency. This allows your organization to safeguard benefits and build resources. Ultimately, this helps to enhance lives and improve outcomes for those in your care. This type of financial tool also creates a way for providers to help any individual within its I/DD community, especially those with no resources . This ability aligns with the core values and charitable efforts of a provider’s mission.
Now is the best time to put a new financial practice into place. Please call on us to help you decide on an exempt financial solution that will work best for your organization. Arlington Heritage Group is a trust administrator and has been working exclusively with human service providers for over 30 years. Visit www.arlingtonheritagegroup.com or call Tom Tirney at 215-672-1184, ext. 1.
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