Re: 401K

[Guest guest]

Matt,

When I went on my disability I had to drain one of my retirement accounts and

was able to do so with no penalty because of disability and needing it to

survive.

Ron

[Guest guest]

congratulations on the full time job!!

401K

My daughter starts a new full time position next week. I understand what the

etails are concerning work credits, SSI eligibility and Medicaid eligibilty.

ne of the benefits is a 401K plan. Can we title the plan in her Special Needs

rust so she and her employer can contribute; therefore effectively not having

o deal with the $2,000.00 asset rule?

------------------------------------

[Guest guest]

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

I would also be very interested in the answers you get.  My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name)  and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future.  We just choose not to go that

route.  Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <jeruefamily@...>

IPADDUnite

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

 

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

I would also like to hear the answer to this question. The problem is that the

employer sets up the 401K for all employees. It is a voluntary program, but it

does provide retirement income for the future. I have a hard time reasoning

that the employer would place the money in a special needs trust because of the

set up of the company pension plan. The 401K plan is a pretax contribution of

her own money. The gross amount of money before the deduction is what the

governmental agencies consider for the reduction of SSI until she earns enough

credits to get SSDI.

Will she earn enough not to need the State services? Maybe it would be worth the

wait until she earns enough to get SSDI. Please keep us informed.

From: Shirley Linden

Sent: Wednesday, January 18, 2012 8:59 AM

IPADDUnite

Subject: Re: Re: 401K

I would also be very interested in the answers you get. My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name) and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future. We just choose not to go that

route. Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <mailto:jeruefamily%40comcast.net>

mailto:IPADDUnite%40

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

mailto:IPADDUnite%40

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

HBWD is based on the monthly income and family size--in the case of our kids,

the family size is 1 (they are not talking about parents & siblings).

For a family of 1, monthly earnings cannot be more than $3,176.  (That's

$38,112 a year.)

HBWD says from its website, " We count your income from your job (minus work

expenses), Social Security,

veteran's benefits and child support. Supplemental Security Income

(SSI) payments do not count as income. "

For assets, the website says, " You can have up to $25,000 in assets. Your house,

one car and most

retirement and medical savings accounts don't count. The amount of assets you

had while on HBWD is not counted when you apply

for Aid to the Aged, Blind or Disabled (AABD). "

http://www.hbwdillinois.com/hfs3792hbwd.html

Show me a entry-level full-time job that pays over $38,000 a year and has a 401K

that quickly gives you $25,000 in assets, and I'll show you a lot of typical

college grads that would be happy to sign up.  I don't think that my son, or

any kid from this list, is likely to make that kind of money or get that kind of

401K.

-Gail

________________________________

From: Shirley Linden <slpanda2@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 8:59 AM

Subject: Re: Re: 401K

 

I would also be very interested in the answers you get.  My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name)  and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future.  We just choose not to go that

route.  Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <jeruefamily@...>

IPADDUnite

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

 

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

For Medicaid, a 401k is an asset - not income.

________________________________

From: Shirley Linden <slpanda2@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 8:59 AM

Subject: Re: Re: 401K

 

I would also be very interested in the answers you get.  My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name)  and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future.  We just choose not to go that

route.  Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <jeruefamily@...>

IPADDUnite

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

 

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

----- Forwarded Message -----

From: Sherri Schneider <benefithelpss@...>

" IPADDUnite " <IPADDUnite >

Sent: Wednesday, January 18, 2012 9:55 AM

Subject: Re: Re: 401K

 

For Medicaid, a 401k is an asset - not income.

________________________________

From: Shirley Linden <slpanda2@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 8:59 AM

Subject: Re: Re: 401K

 

I would also be very interested in the answers you get.  My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name)  and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future.  We just choose not to go that

route.  Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <jeruefamily@...>

IPADDUnite

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

 

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

The general rule is that 401K funds or other qualified funds cannot be held in a

special needs trust - even  a 1st party payback type of special needs trust. 

These funds must be held in an account in the disabled worker's own name and

social security number. The funds held in the trust are treated as a

resource.  Under current law, if a person works and pays into a 401K, the 401K

is not deemed as a countable resource until s/he turns age 65.  Holding funds

in a 401 K can eventually be a pitfal  however as at age 65, the individual may

lose his/her Medicaid eligibility if s/he has more than $2,000 in his/her

name.  This could happen at a time when the parent is aged or  is deceased and

individual does not have an involved advocate to assist him or her.

 

For this reason, a parent/advocate must be very careful in monitoring these

funds and be ready to act quickly should the laws change.  I usually recommend

cashing out the funds at some point, paying any taxes due as these are pretax

dollars and placing the remaining funds  in a 1st party " Payback " special

needs trust.  I do not know what the rules will be in the future and if the

option of using a Payback trust will be taken away from us by congress so it is

difficult to advise parents/clients what to do in these situations.  Every

family has to to do what they feel is best for their specific situation.  HCBWD

does not deem funds held in a 401K or IRA as part of the $25,000 in savings a

worker is entitled to own and retain eligibility for HCBWD. 

 

Please note that this is a highly dynamic area of law and what is appropriate

today, may not be allowed or appropriate tomorrow.  I don't say this to confuse

you but because it is difficult to know what the rules will be in the future

given the state of affairs in Washington and in Springfield.  While many folks

are willing to give up the small amount of SSI our children receive, we are

seldom financially able to turn our backs on Medicaid.  Private insurance

cannot make up for the loss of Medicaid which is the ticket to adult services.

 

I mention again the Arc IL training on future planning at Blue Cap, next Friday

(1/24)  I will cover the above topic and many more so if you want to learn

more, I hope you will come.  Terrie

From: Propheter <cpropheter@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 9:04 AM

Subject: Re: 401K

 

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

One more thought...the decision to join the 401K is not once in a lifetime. 

It's once a year.  ( & for some companies, once in, you can change the amount

you kick in, more than once a year.)

For someone just out of transition, there's a lot of potential working years

left!  Maybe it's worth it to leave this alone until the SSDI quarters are

achieved...provided the employer has a once-a-year opt-in.

-Gail

________________________________

From: Colombo <marleney2@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 9:26 AM

Subject: Re: Re: 401K

 

I would also like to hear the answer to this question. The problem is that the

employer sets up the 401K for all employees. It is a voluntary program, but it

does provide retirement income for the future. I have a hard time reasoning

that the employer would place the money in a special needs trust because of the

set up of the company pension plan. The 401K plan is a pretax contribution of

her own money. The gross amount of money before the deduction is what the

governmental agencies consider for the reduction of SSI until she earns enough

credits to get SSDI.

Will she earn enough not to need the State services? Maybe it would be worth the

wait until she earns enough to get SSDI. Please keep us informed.

From: Shirley Linden

Sent: Wednesday, January 18, 2012 8:59 AM

IPADDUnite

Subject: Re: Re: 401K

I would also be very interested in the answers you get. My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name) and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future. We just choose not to go that

route. Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <mailto:jeruefamily%40comcast.net>

mailto:IPADDUnite%40

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

mailto:IPADDUnite%40

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris

[Guest guest]

A 401K plan does not have to be tax deferred. They now have Roth versions of

401K plans. My husband selected this route with his 401K.

>

> I would also like to hear the answer to this question. The problem is that

the employer sets up the 401K for all employees. It is a voluntary program, but

it does provide retirement income for the future. I have a hard time reasoning

that the employer would place the money in a special needs trust because of the

set up of the company pension plan. The 401K plan is a pretax contribution of

her own money. The gross amount of money before the deduction is what the

governmental agencies consider for the reduction of SSI until she earns enough

credits to get SSDI.

> Will she earn enough not to need the State services? Maybe it would be worth

the wait until she earns enough to get SSDI. Please keep us informed.

>

>

>

> From: Shirley Linden

> Sent: Wednesday, January 18, 2012 8:59 AM

> IPADDUnite

> Subject: Re: Re: 401K

>

>

> I would also be very interested in the answers you get. My son works part

time

> and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

> it goes towards his income ( total amount of funds in his name) and can cause

> him to loose his HBWD which would mean he would loose his Home Based Services

> and any other funding he may need in the future. We just choose not to go

that

> route. Our case is probably different then yours but thanks to anyone that

can

> clear this up.

> Shirley

>

> ________________________________

> From: Jerue Family <mailto:jeruefamily%40comcast.net>

> mailto:IPADDUnite%40

> Sent: Wed, January 18, 2012 8:33:27 AM

> Subject: Re: Re: 401K

>

>

> Hi

>

> Sounds like you’ll be needing the advice of an attorney or Benefits

Specialist

> who work in this field †" and we’d all appreciate hearing what you find out

from

> yours on this topic.

>

> I had the pleasure of meeting recently, she is a lovely and very

capable

> young woman, with a lot to offer her new employer. was instrumental in

> helping her get this job, by the way, folks, it didn’t just fall into her

lap.

> So kudos to mom and kudos for daughter for making this happen!

>

> Good luck and please keep us posted,

> Laurie

>

> From: Propheter

> Sent: Wednesday, January 18, 2012 8:04 AM

> mailto:IPADDUnite%40

> Subject: Re: 401K

>

> will have a full time position starting next week. I'm not concerned

> about getting a lower SSI check, the goal was always for meaningful

> employment. My goal is to get her qualified for SSDI (she has one quarter

> under her belt from previous part-time teen positions). She is 22 and out

> of Transition programming and this will be a permanent position. We will

> keep her within the income limits to not get her disqualified from Medicaid

> so she can be eligible for services and funding (at the miraculous thought

> that it may just ever happen in her lifetime that she would receive

> services). The 401K is not set up now.we need to decide if we want that

> benefit for her. So my question was/is: If we do accept it can it be

> titled in a special needs trust? Do we have to set up a separate special

> needs trust or do we not take advantage of that option? She will have no

> problem spending her income as she/we have to pay for all her

> support.getting the paycheck will make up the difference of getting a

> substantially reduced SSI check. We want the Medicaid services in the

> longrun, with the services to assist her in her quest to be independent.

> Thanks.

>

> ~Chris

>

>

[Guest guest]

Currently, money held in a qualified retirement account (401K, IRA, 403B) is

considered exempt for HBWD Medicaid.

________________________________

From: Shirley Linden <slpanda2@...>

IPADDUnite

Sent: Wednesday, January 18, 2012 8:59 AM

Subject: Re: Re: 401K

 

I would also be very interested in the answers you get.  My son works part time

and gets SSDI has Medicare and HBWD and I was told if he gets any kind of 401K

it goes towards his income ( total amount of funds in his name)  and can cause

him to loose his HBWD which would mean he would loose his Home Based Services

and any other funding he may need in the future.  We just choose not to go that

route.  Our case is probably different then yours but thanks to anyone that can

clear this up.

Shirley

________________________________

From: Jerue Family <jeruefamily@...>

IPADDUnite

Sent: Wed, January 18, 2012 8:33:27 AM

Subject: Re: Re: 401K

 

Hi

Sounds like you’ll be needing the advice of an attorney or Benefits Specialist

who work in this field – and we’d all appreciate hearing what you find out

from

yours on this topic.

I had the pleasure of meeting recently, she is a lovely and very capable

young woman, with a lot to offer her new employer. was instrumental in

helping her get this job, by the way, folks, it didn’t just fall into her lap.

So kudos to mom and kudos for daughter for making this happen!

Good luck and please keep us posted,

Laurie

From: Propheter

Sent: Wednesday, January 18, 2012 8:04 AM

IPADDUnite

Subject: Re: 401K

will have a full time position starting next week. I'm not concerned

about getting a lower SSI check, the goal was always for meaningful

employment. My goal is to get her qualified for SSDI (she has one quarter

under her belt from previous part-time teen positions). She is 22 and out

of Transition programming and this will be a permanent position. We will

keep her within the income limits to not get her disqualified from Medicaid

so she can be eligible for services and funding (at the miraculous thought

that it may just ever happen in her lifetime that she would receive

services). The 401K is not set up now.we need to decide if we want that

benefit for her. So my question was/is: If we do accept it can it be

titled in a special needs trust? Do we have to set up a separate special

needs trust or do we not take advantage of that option? She will have no

problem spending her income as she/we have to pay for all her

support.getting the paycheck will make up the difference of getting a

substantially reduced SSI check. We want the Medicaid services in the

longrun, with the services to assist her in her quest to be independent.

Thanks.

~Chris