Individuals who work and receive Medicaid, Supplemental Security Income (SSI) or other public benefits may find it challenging to save money while still maintaining their benefits. This is especially important for “means-tested” benefits (such as the ones mentioned above) which are benefits in which income and countable assets of more than $2,000 are considered when determining eligibility.
This is where effective special needs planning can be vital. Three solutions to ensuring one’s ability to save money while maintaining much-needed financial government benefits include a Special Needs Trusts, Pooled Trust, and an ABLE Account. For more information on these solutions as well as the comparison of what each can provide, visit the link below from the ABLE National Resource Center:
Special Needs Trust, Pooled Trust, ABLE Account Comparison Chart