The Medicaid allowance in New York is a measly $820 per month. Many senior citizens worked their whole lives to secure a more hefty income that would support them well through retirement. For these individuals, this is bad news. If you need healthcare through Medicaid and earn more than $820 per month, it can seem like you are out of options. However, there are ways to secure the healthcare services that you need without compromising your income or your lifestyle.
Paying the Extra
If you receive more than $820 per month and still need Medicaid, one option available to you is to pay the extra. For example, if a senior citizen named Rose receives $1220 per month, by paying the extra $400 and keeping $820 per month for herself, she can receive Medicaid. This can be a good solution if you don’t make much more than $820 in a month. However, if you do earn considerably more, this can require cutting back the lifestyle that you worked your whole life to ensure.
How to Keep Your Lifestyle
If you have a disability, then you can be a part of what’s called a pooled income trust. In this way you give any extra money that you earn each month to a not for profit organization. The organization then uses this money to pay for your bills and living expenses. With the power of a pooled trust you can get the healthcare that you need through Medicaid without paying through the nose for it.
Participating in a pooled income trust isn’t an easy task, it requires navigating all the most confounding complexities of elder law. If you’re interested in a pooled income trust, or want to figure out what the best healthcare option is for you, you need an experienced and knowledgeable lawyer to guide your way. That’s why you should get in touch with the team at Morgan Legal Group. We offer the elder law services that you need to make the most of your hard-earned money. Contact us today and find out how we can help you secure Medicaid.