Maintaining Medicaid Benefits
Medicaid recipients sometimes receive back settlements for time in which they were eligible but not receiving benefits. These settlements are frequently in excess of $2000 - the cap on assets allowed by Medicaid. As a result, the individual will likely lose the Medicaid benefits due to the excess assets! The RI Pooled Trust is a secure place to set aside settlements to avoid the risk of losing Medicaid benefits while maintaining access to funds for an array of needs.
Safeguard Assets & Settlements
Occasionally, an individual with a disability may receive a lump sum insurance settlement from an accident or wrongful injury case. This individual could establish a Special Needs Trust which would protect the asset, but it is likely to cost over $7000 in fees and can be time consuming to initiate. The RI Pooled Trust can assist in this situation as it can process deposits in any amount starting from $1000, without a delay in availability and legal fees starting at only $200.