A pooled trust is one way to receive Medicaid benefits. If you are already receiving Medicaid, you can join a pooled trust or switch to it from other kinds of trusts. A pooled trust is a type of special needs trust regulated by the federal government. A pooled trust acts as a trustee by investing its assets and paying benefits to you under the terms of the trust.
The process for switching to a pooled trust is easy, but you will need to prove that the trust you want to transfer from is no longer valid. You may be able to do this with a copy of the termination document or by asking someone reliable like a caseworker at your local Medicaid office to write you a letter. Reputable pooled trusts like KTS Pooled Trust also have guidelines when you contact them.
There are three ways in which you may be able to switch to a Medicaid Pooled Trust.
Discuss with trust the reasons why you want to join their pooled trust, this may include the problems you were facing with the other trust, e.g. the trust not providing all of your needs.
Once you have reached out to them they will provide you with the necessary steps for transferring your funds from the other trust to them.
You will be required to open up a new pool trust account to where the funds will be transferred to.
Once the forms have been sent in and processed, the organization will transfer the funds from your other pooled trust to the new pooled trust. The person managing your account with the previous pooled trust will need to send a letter confirming that all funds have been transferred from their organization to your new pooled trust.
The organization will then send you a welcome letter with all of this information, your membership ID number, and contact information.
The process for switching to a pooled trust is easy, but you will need to prove that the trust you want to transfer from is no longer valid. You may be able to do this with a copy of the termination document or by asking someone reliable like a caseworker at your local Medicaid office to write you a letter. Reputable pooled trusts like KTS Pooled Trust also have guidelines when you contact them.
There are three ways in which you may be able to switch to a Medicaid Pooled Trust.
1) Reach Out to the Pooled Trust
To begin, you will need to reach out to the pooled trust that you want to switch to and ask about how to transfer your existing funds. Remember, you will need a letter from the person who manages your account with the other pooled trust stating that they will terminate your participation in their program and release all funds to you. This letter may be on the organization's letterhead, or it may be a simple statement penned by the person managing your account. You will need to send this letter to the trust.Discuss with trust the reasons why you want to join their pooled trust, this may include the problems you were facing with the other trust, e.g. the trust not providing all of your needs.
Once you have reached out to them they will provide you with the necessary steps for transferring your funds from the other trust to them.
2) Close your Existing Account with the other Pooled Trust
The second way is to close your existing account with the previous trust. Once you have done this, you will need to send proof that the account has been closed along with proof that your funds are no longer in any pooled trusts. You will need to send this documentation along with your application for the new pooled trust.3) Apply with the Pooled Trust
The third option is to apply for membership with the new pooled trust and send them all of the necessary documentation so that they may process your application for membership into the trust.You will be required to open up a new pool trust account to where the funds will be transferred to.
Once the forms have been sent in and processed, the organization will transfer the funds from your other pooled trust to the new pooled trust. The person managing your account with the previous pooled trust will need to send a letter confirming that all funds have been transferred from their organization to your new pooled trust.
The organization will then send you a welcome letter with all of this information, your membership ID number, and contact information.