In Ohio, our loved ones living in nursing homes face many challenges when trying to provide for their own needs.
As part of the Cambridge Charitable Foundation’s mission to serve the Cincinnati and overall Ohio community, it created and manages The Buckeye Medicaid Pooled Trust to allow individuals to become financially eligible for Medicaid, while preserving some of their personal financial resources.
Under current Federal & State law, those on Medicaid can typically have no more than $2,000 in total assets. With the Buckeye Medicaid Pooled Trust, these individuals and their families and caregivers can rest easier knowing that their current and future assets are protected to supplement their Medicaid assistance. Normally a person’s financial resources can disqualify an individual from receiving certain public assistance benefits, or they could be required to spend down all of their resources before receiving benefits. By working with the Buckeye Medicaid Pooled Trust, a person can qualify for full assistance, and later use their Pooled Trust funds to cover certain of their supplemental needs. The Trust can be set up themselves or by a POA, guardian or court.
The Buckeye Medicaid Pooled Trust is a first party trust available to those age 65 and older or those who suffer from a disability. Funds in the Pooled Trust can pay for travel, clothing, entertainment, repairs and so much more that would not otherwise be covered. The Cambridge Charitable Foundation acts as Trustee of the Buckeye Medicaid Pooled Trust (“BMPT”), which is authorized by 42 U.S.C. § 1396p(d)(4)(C), Ohio Revised Code §5163.21(F)(3)(a), and Ohio Administrative Code §5160:1-3-.05.2 Medicaid: trusts, (C)(3)(a)(c). BMPT provides a financial assistance for some supplemental needs without causing loss of Medicaid and SSI benefits.
BMPT allows an individual to set resources aside for a time when those funds are needed to purchase supplemental needs items. Although there is no lifetime guarantee of payments, BMPT allows recipients to make requests from the principal sum in the Trust. Once a Trust Beneficiary’s Individual Benefit Account is funded, the Trust Beneficiary’s representative, or the Trust Beneficiary, may send a Distribution Request form to request distributions for eligible expenses. Distributions are generally for items or services that are not covered by insurance or a government program, but supplement and enhance the life of the Trust Beneficiary.