BETTEN, MURPHY & WEISS
Attorneys, PA
Brevard's Elder Law Firm
1800 Penn Street, Suite 6
Melbourne, FL 32901-2625
Phone (321) 676-2525
A Qualified Income Trust (or "QIT" pronounced quit) is a written agreement that makes it possible
for people to obtain Medicaid
nursing home coverage even when their income
exceeds the income limit (currently $ 1,819 per month)and thus make too much money to qualify for Medicaid.
People who earn more can't qualify for Medicaid
unless they have a Qualified Income Trust. What you do is assign your income to the Qualified Income Trust, and the wording of the trust limits
how much of the income can be distributed. This way, a person who makes more than $1,819 each month
will be treated as earning less than that amount, thereby satisfying the Medicaid income test. The
trust can allow for certain payments, including payments to support a spouse
and $35 each month for the beneficiary's personal needs. Money remaining in the trust after those payments must be paid to the nursing home for the beneficiary's
care, with Medicaid picking up the balance. With Qualified Income Trusts, people can get the
government to cover the portion of the nursing home costs that they can't afford.
MEDICAID FAQs (frequently asked questions)
MEDICAID eligibility for a single person
MEDICAID eligibility for a married person