Supplemental Needs Trust Allowable Expenses For Medicaid
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FAQ
Some other examples of common trust purchases are a new TV for the Beneficiary's room, a hotel room rental on vacation, a class at a local community college, or non-government funded medical expenses such as massage therapy. Things may get a little bit more confusing when it comes to paying for food and shelter.
Any therapy not paid for by Medicaid. Rehabilitation not paid for by Medicaid. Eye and dental care. Attendant care (sitters, personal assistants) Tutors and other educational services (e.g., seminars) Tuition to schools, camps, classes. Professional services (attorney, accountant, and financial planner)
Cons of Special Needs Trusts The trust must be maintained, and yearly management costs can be high. Depending on who manages the fund, there may be a minimum amount required to set up the trust. It may be financially difficult for the settlor to actually establish the trust, depending upon their circumstances.
A special needs trust, also known as a supplemental needs trust, is a type of irrevocable trust that can provide benefits to minors and physically or mentally challenged individuals.
Investment income earned in the trust can be used to pay for expenses that directly benefit the child or grandchild (e.g. private school tuition, lessons, camps, gifts, etc).