ALERT: Significant Changes in Ohio’s Medicaid Income Rules Have Arrived! Qualified Income Trust Needed For Higher Income Families To Be Eligible
For those receiving long-term care services, Ohio’s Medicaid program has always had a monthly income limit. In 2016, that limit is $2,199 per month. However, until now, Ohio was a spenddown state, which meant that as long as the individual spent down each month on monthly expenses below the income threshold, the individual would be eligible to receive Medicaid services. Effective July 1, 2016, no one will be able to spend down to meet the monthly income threshold, but will need to deposit any excess income into a Qualified Income Trust (QIT) to become eligible for Medicaid coverage.
A QIT will divert some of the applicant’s monthly income into an irrevocable trust managed by a trustee (usually a family member). The trust can only be funded with the individual’s pension, social security or other income. No other resources may be added to the trust. The income must first be paid to the individual and then transferred into the trust. The money in the trust can only be used for incurred medical expenses, monthly personal or maintenance needs allowance, … Read More... “Medicaid: Qualified Income Trust Needed For Eligibility”