If you're looking to apply for Medicaid anytime soon, there are a few things you need to have in order. One of those things is needing to have a qualified income trust. But what exactly is a qualified income trust, and does it pertain to your Medicaid application?
Qualified Income Trusts (QITs), also called Miller Trusts, help people become or remain eligible for Medicaid long-term care services if their incomes fall below the Medicaid limit set by the State of Ohio.
In the State of Ohio, to qualify for a QIT, you must:
- Only include your income and not your spouse's, relative's, or anyone else.
- Once you apply and become accepted, you can not cancel or change it.
- Let the beneficiary be the State of Ohio, as the state is required to recover Medicaid payments made on an individual's behalf.
There are a few more requirements and information before determining if you qualify for this program, but we are here to assist you through the process. Click here or fill out the form below to schedule an appointment with us.
At Richard A. Myers, Jr. & Associates, LLC, we care about our client's quality of life and priorities when we approach Medicaid Planning with our clients, which eliminates potential gaps in the plan. Click here to access our Medicaid Planning page to learn more about Medicaid, QITs, and more.