How To Qualify For Florida Medicaid If Income Is Too High// Elder Needs Law

Florida Medicaid Planning Attorney, Jason Neufeld discusses proven strategies for preparing for Medicaid for individuals who are concerned about income limits Get more information 👉https://www.elderneedslaw.com/blog/ho...

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Transcript:

Good afternoon, Jason Neufeld from Elder Needs Law, elderneedslaw.com This question is, what do I do if my income is too high and I want to be on Medicaid, this is a question submitted to me. What do I do if my income is too high? And I want to be on Medicaid? Very good question. A lot of people are under the impression that if they make too much money, regardless of their assets, they will not qualify for Medicaid.

Medicaid does have income requirements, for example, if you want to be the three main programs that I deal with under the Medicaid umbrella are the Medicaid ICP program, the Medicaid waiver program, and the QMB program. These are different Medicaid programs that provide different value different benefits. And in the case of QMB, there's different ways of qualifying for it. But all three of the programs have an income cap, meaning if you make more than a certain amount of money from all sources combined, they include Social Security, they include pension, they include IRA and 401k distributions, rental income, anything that would normally be considered income, they're going to add it all together. And if it's above what's called the income cap, it's a number that changes everywhere, and I'll link to place on my website where you can see what the income cap is for this year, then you don't qualify naturally for these programs, however, built into the law are a mechanism by which to deal with issues when people have to deal with the problem of having too much income. You may have heard or may not have heard of something called a Miller trust, it's also called an Income Trust. It's also called a qualified income trust, it's also called an income only trust. Either way, these are all the same term, these all different terms that mean the exact same thing.

For the long term care Medicaid programs. It's the waiver program in the ICP program. If your income is too high, you can take anything above the income cap and put it into one of these income trusts or Miller trusts. And then you will then satisfy the income cap requirement. If you're interested in the QM B program, which is a different Medicaid program, instead of an Income Trust, you would be looking at taking the excess income and putting it into something called a pooled special needs trust, again, special designation under the law that says if you're looking for a QM B, and the only reason why you don't qualify is because your income is too high, then you can utilize one of these pooled special needs trust to put the excess income into every month. Now again, in both cases, you don't lose the income. It's not like you lose the income, you still get to benefit from it, you just have to place it into this trust, every calendar month you just make it a routine or an automatic bank transfer. Just for the purposes of qualifying for these programs, you don't lose access to the money or you don't lose the ability to benefit from the money I think is more accurate.

These pooled special needs trust can also be used for the Medicaid long term care programs because they're managed by a professional trustee. When people don't have someone they can count on to be a trustee. For any of these Medicaid programs, you can use a pooled special needs trust but either way, if the only reason why you are not qualifying for the QM B Medicaid program, the institutional care Medicaid program or the Medicaid waiver or home and community based services Medicaid program, you can utilize one of these Qualified Income trusts or pooled special needs trust and the problem will be taken care of....