Last Updated on November 23, 2023
Case managers often provide assistance with maintaining benefits. This is critical because they need medical insurance to obtain vital services such as medications and regular physical evaluations. They also need their medical insurance to keep housing and other support services like transportation, day support, etc. These services are primarily funded through Medicaid, which has some restrictions on personal assets in order to keep coverage.
It’s important to monitor funds to make sure that they stay
below the threshold to maintain coverage. In most cases, the bank account limit
is around $2,000.00. This is usually monitored by a family member or a
designated payee. Case managers rarely
handle a client’s person finances and probably shouldn’t due to the high
liability involved. The best option is to refer them to an agency that
specializes in payee services
or suggest a trusted family member be assigned this role.
Long –term planning is often an area that is neglected when it comes to individuals with special
needs. We often don’t think about it until benefits are lost due to poor planning or unexpected events such as death, inheritance, or a financial settlement. Here are just a few options available for the disabled.
ABLE Accounts
ABLE accounts are basically savings accounts for the
disabled that do not impact eligibility for benefits such as Medicaid, SSI, and
SNAP (Food Stamps). ABLE accounts are not available in all states. However, you can
establish an account out of state and still utilize the benefits. For more
information on ABLE accounts check out:
Special Needs Trusts
Special needs trusts are another way to avoid losing
benefits. Receiving an inheritance or any kind or cash settlement can
disqualify individuals with disabilities from maintaining Medicaid and SSI
benefits. Special needs trusts allow inherited funds to be left to the trust
instead of directly to the individual. This protects the individual from having too many assets. For more information on special needs trusts check out the following links:
Microboards
Microboards are another way to provide long term planning
for the disabled. A Microboard is essentially a group of people dedicated to
the care and service coordination of an individual with a disability. Microboard
members can consist of professionals, family members and any other individuals
who has a vested interest in the person being served. Microboards are like a personal “board of directors” dedicated to
advocating and ensuring the individual’s welling being. For more information on Microboards check out
VirginiaMicroboards.org.
Additional Resources
Special Needs Financial Planning
The Arc VA Financial Planning (Guardianship, Trusts, ABLE Accounts)
The Arc VA Financial Planning (Guardianship, Trusts, ABLE Accounts)
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