Becoming eligible or remaining eligible for government benefits can be a scary prospect. The Arc Master Trust can make this prospect much less scary.
The resource limit for Medicaid is $1,500 and the limit for SSI is $2,000. If you have more money than this in bank accounts (CD’s, checking, savings, etc), savings bonds, cash value of life insurance policies, investments, retirement accounts, etc. then you will not be eligible for Medicaid or Supplemental Security Income.
If these benefits are critical for you or a loved one, it is easy to let fear take over and begin to spend needlessly and recklessly in order to liquidate these assets.
However, a special needs trust like The Arc Master Trust can put those fears to rest. Excess resources which are over the $1,500 or $2,000 cap can be placed into a special needs trust. This provides the peace of mind that those funds will be available to use down the road for things that are needed or wanted at that time.
A trust can also be used to avoid the trap of spending money at the end of the month just to remain under Medicaid’s resource limit. Instead of needlessly spending money, funds can be put into the trust to be used at a later time when finances might be tight or a one time expensive item is needed.
Funds can be added to the trust whenever it is necessary. There is no limit to the number of times that additions to a special needs trust through The Arc Master Trust can be made. There also is no minimum amount that has to be added; it is strictly up to the person and how much he or she would like to deposit.
Please remember that The Arc Trust can be used to avoid the sometimes scary eligibility and spend down process. Our goal is to provide families and individuals peace of mind.
Learn more about The Arc Master Trust by visiting www.thearctrust.org.
Melissa Justice is Director of The Arc Master Trust.