Medicaid is designed to help cover medical costs for people with limited income and resources, including benefits such as long-term nursing home care and personal care services not covered by Medicare. But what many people do not realize is how stringent and confusing the eligibility requirements are, especially when it comes to income. This is where expert planning through a Miller Trust might help.
At Leigh Hilton, PLLC in Denton, TX, we understand that planning for Medicaid is not something any of us have at the forefront of our minds regarding our future. But it is always good to know your options.
How can a Miller Trust help?
Medicaid’s income eligibility requirements (in addition to resource limits and other requirements you can read about by clicking here) are so strict that a qualified applicant can only have a very limited amount of countable resources in their name. For example, the income cap for an eligible unmarried applicant in 2023 is $2,742 per month.
If an individual has income over this cap, the applicant usually cannot qualify and must pay out of pocket, unless they set up a Miller Trust.
A Miller Trust, also known as a Qualified Income Trust, is often the best solution when a Medicaid applicant’s gross income exceeds the cap mentioned above. By placing the excess income into a QIT, the income is considered non-countable toward overall income. By doing so, the applicant can pass Medicaid’s eligibility requirements.
Call Leigh Hilton PLLC today!!
Determining if you qualify for Medicaid can be an overwhelming chore when trying to do it on your own. That is why we are here to help, no matter what your need may be. At Leigh Hilton PLLC, our goal is to protect and preserve your most valuable assets while also educating you and your family every step of the way. We want you to feel empowered so that you can confidently embrace your estate planning strategy.
Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.
Thanks for reading!