Key Features of SSNPT
Provides an ongoing source of money for “supplemental needs.”
Government benefits such as Supplemental Security Income and Medicaid will pay for a person’s primary living needs such as food, housing, and basic medical care. Anything beyond that is considered to be a “supplemental need”. The SSNPT is designed to provide a pool of the injury victim’s own assets that can be used to pay for these “supplemental needs”, which includes things like travel, entertainment, education, eyeglasses, insurance premiums, diapers, and other non-necessary medical supplies and services.
Did You Know?
If you receive even a modest amount of money from a settlement, you may no longer be eligible for government benefits. However, if the money is placed in a Pooled Trust sub-account, which is designed to be used exclusively for “supplemental needs”, government benefits will not be at risk.
Frees families from completing Medicaid reports.
The trustee, NNAD, is the manager of our Pooled Trust. As the trustee, NNAD is responsible for following current Medicaid regulations and reporting all expenditures from the trust to the appropriate government agencies. The trustee also ensures that trust disbursements will not create income that could cause the beneficiary to lose his government benefits.
Allows families to choose how the trust money will be spent.
With the Pooled Trust, the beneficiary and his or her family (or legal guardian/primary representative) can decide how they want the money to be used. The trustee’s responsibility in approving requests is to ensure that the money will not be spent in a way that could jeopardize the beneficiary’s eligibility for government benefits.
Has no minimum or maximum funding requirements.
Unlike a traditional bank trust, which often requires you to invest a minimum of $100,000, you can open a Pooled Trust sub-account with any amount of money—large or small.
Is more affordable than many traditional bank trusts.
The enrollment and annual fees for the Pooled Trust are lower than those of many bank trusts.