PASS Accounts
Summary
Next »1/6
A PASS Plan is a plan that is supposed to be used to help people reenter the workforce and become self-supporting. For example, money in a PASS Plan could be used to open a restaurant. Under PASS, money or assets in a PASS account are not counted for Social Security purposes. PASS plans work for any job or education goals you can reach within four years.
There are many advantages to having a PASS plan. For example, in addition to saving for a goal, it can make you eligible for Medicaid.
A bank account set up to secure a credit card can qualify as a PASS account and also provide money to live on.
If you have Medicaid and are considering returning to work, Medicaid may be cut off if you earn too much. However, a PASS account can be combined with Section 1619 to permit Medicaid while working. For example, if you have earnings that would make you "too rich" for SSI and Medicaid, and you get a PASS account. You can request approval for a PASS amount that is large enough that you would become eligible for regular SSI and Medicaid.
The application process requires details about your plan, including a business plan.
Once a PASS Plan is apprpoved, if you don't follow the rules the Plan will be cancelled, you may be required to return money, and your Medicaid could be cancelled.
For more information, see:
Please share how this information is useful to you.
0 Comments
