Tags archives: Qualified Income Trust
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2 years ago
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Medicaid is a state- and federally funded health program for lower-income persons of all ages. For applicants who fall into certain categories, Medicaid imposes specific rules on how much income and resources they can have and still qualify for benefits.
Each state has different rul... [read more]
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5 years ago
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The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home. The deductions include a $60-a-month personal needs allowance (this amount may be somewhat higher or lower in your state), a deduction for any uncovered medica... [read more]
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7 years ago
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We are often asked by clients if they need to establish a Qualified Income Trust to be eligible for Medicaid so they can cover the high costs of long-term nursing home care. Our answer is that if their gross monthly income exceeds the current limit of $2,205, a Qualified Income Trust (also called a ... [read more]
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