“A Clever Strategy to Get Your Long-Term Care Costs Covered by Medicaid”

“A Clever Strategy to Get Your Long-Term Care Costs Covered by Medicaid,” by Eric Reed, Yahoo! Finance

 

Quote:

“A qualified income trust (or QIT) is a special form of trust designed to help people receive long-term care benefits under Medicaid. It is intended for people who make too much money to receive long-term or residential-care benefits under the program, yet too little money to pay for this kind of care on their own. Through a QIT patients can carve out a portion of their income each month into a dedicated account. They lose direct access to this money, but it also does not count toward their income for the purposes of Medicaid eligibility. In doing so the trust allows them to become eligible for benefits they otherwise could not receive. Here’s how it works.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Subtext of this message: Don’t worry about long-term care now; don’t pay those big LTC insurance premiums nor set funds aside for the future. If you every need it, Medicaid will pay for your long-term care and there are plenty of ways to trick the government into thinking you’re poor enough to qualify. Years ago we shamed Medicaid planners into hiding from media attention, but they’re becoming more and more brazen again. That means more and more people will end up in the Medicaid trap.