Qualified Income Trusts And Florida Medicaid Benefits
Qualifying for assisted living benefits is something that many people in their golden years may be thinking about, and rightfully so. Assisted living can be quite costly and having the ability to secure assistance with the costs can make getting into a nursing home that meets one’s needs in old age more realistic. The average cost of assisted living in Florida can be $3,500 per month or more. There are stipulations that must be met for a person to qualify for such benefits under the guidelines dictated by the Statewide Medicaid Managed Care program in Florida. One is how much gross income is paid to an applicant each month. As of 2022, that cap is $2,523 for a single person.
So, what does one do when they exceed the Florida Medicaid long-term care eligibility for seniors cap? There are options but it is best that a strategy for long-term care is one that is developed with the help of a seasoned legal professional that understands the complicated Medicaid system. Millhorn Elder Law Planning Group has the Medicaid planning attorneys you need to help take the right steps to get the benefits necessary for your long-term care requirements.
How Can A Qualified Income Trust Help with Medicaid Benefits in Florida?
A qualified income trust or a Miller Trust, as it is also known, is an account that can house monthly income and have that money be considered non-countable. As a result, when a person has too high of a monthly income to make them eligible for Florida Medicaid benefits, a QIT can convert that money allowing the individual to qualify for those invaluable benefits.
Essentially, a QIT acts as an irrevocable trust where financial compensation can be held. A QIT does not contain assets. The best time to set up a QIT would be approximately one month prior to submitting one’s Medicaid application. The QIT must be set up to clearly show that the money will be used to pay for specific personal costs like insurance premiums or personal needs. Each month, if there is anything left in the QIT once established expenditures are paid for, that money will go to the long-term care facility.
When a person dies, funds still remaining in the trust will go to the state of Florida for costs that were paid for the recipient’s Medicaid Benefits. Then, after these payments have been satisfied, any trust beneficiaries named can recover the rest of the funds if there are any still residing in the trust. After this happens, the QIT is no longer active and will be closed.
Speak to a Florida Medicaid Planning Attorney Today
There are ways to get the Medicaid benefits you need even if your income and assets exceed the allowable amount the state has put forth. To learn more about the Florida Medicaid process, to have all of your Medicaid questions answered, or to begin the process of applying for benefits, The Villages Medicaid planning lawyers at Millhorn Elder Law Planning Group can help. Call Millhorn Elder Law Planning Group today to schedule a free, no-obligation consultation at 800-743-9732.