Are you making too much to qualify for Medicaid? It may seem odd, but this can be a situation many seniors find themselves in if they have invested wisely and are living off of the interest that their investments provide. There are some ways that you can reduce your income in order to qualify for Medicaid help for long-term care.

Miller or Qualified Income Trusts

If you are above your state’s income cap, then investing in a Miller or Qualified income trust can help you lower your income below the cap. Income caps vary from state to state and are generally there so that benefits are only granted to those that truly need them. A qualified income trust allows you to secure income over the cap in a trust to make sure that it is used on the care and medical needs of the individual.

Medically Needy Programs

Some states do not have an income cap. Instead they look at the income of each individual. These states require that income spends down their income with medically needed and long term care expenses. Once this is done, they can then qualify for Medicaid benefits.

Pooled Income Trusts

Many nonprofit organizations offer something called a pooled income trust. These trusts are jointly managed by the non-profit and they do just what the name suggests: pool the income of qualifying individuals in the state.

If you are interested in setting up a trust to lower your income, contact Stano Law group.