The Qualified Income Trust, also referred to as the Miller Trust, is one of the newer requirements for qualifying for Medicaid.
Medicaid has always had an asset limitation of $2,000 - it's the maximum asset base the applicant can have - and there has to be a medical need. We have to need assistance in some of these activities of daily living.
But in August of 2016, they put in an income limit or what they call an income cap. So, regardless of your expenses, if your income exceeds this limit, you're not qualified.
The income cap is $2,382. So, anyone whose gross income before any deductions whatsoever exceeds that limit they are ineligible for Medicaid. If you have a gross income of $3,382 a month, what can you do?
This is how the Miller Trust can help, but there are stipulations that make it a "silly rule."
You can take that extra $1,000 and put it in a specialized trust called the Miller Trust. The reason that this can be difficult is because you have to sue that excess money each month, and this money has to be used for care. If we miss a month, it could have a bad consequence on the eligibility for that particular individual.
The Qualified Income Trust can be very confusing for people to understand and keep up on. Our team will assist in putting together this Trust, give you clear instructions on how to use it whether you are in a nursing home, assisted living, or home care.
We have talked on this topic and many others in our blog; you can find all of our blogs here. But, if you are in this situation, we can set up a quality of life account.
If you are struggling to manage your Medicaid eligibility, our team is here to help! Check out the rest of our website and contact us today to learn more!