Medicaid Qualifications
Expert Medicaid Planning Attorneys Serving the State of Kentucky
Medicaid is a Long-Term Care benefits program by the Kentucky Department for Medicaid Services that assists lower income Kentucky residents with Long Term Care/Nursing home costs, including diagnosis, treatment, and medication. The Department for Medicaid Services uses a combination of state and federal funding to cover a variety of an person’s Long Term Care/Nursing home costs. In addition, the Department for Medicaid Services oversees all applications for coverage.
If you are interested in obtaining Medicaid coverage for yourself or for a family member, you may be surprised to discover that the eligibility process is fairly complex. In determining your financial eligibility, Kentucky will look at all of your assets, not just your paycheck. This requires you to gather and submit documentation of your assets. To assist you with this confusing process, you need the advice of an experienced Medicaid planning attorney. Our attorneys at Goeing Goeing & McQuinn, PLLC have the skills and expertise to help you gather the right documents and complete your Medicaid application correctly. Contact our Medicaid planning attorneys at Goeing Goeing & McQuinn, PLLC today at (859) 904-2045 for a free consultation.
Assets
When the Department for Medicaid Services reviews your financial eligibility, some but not all of your assets will be calculated and included. While your monthly income calculation may be relatively simple, the computation of your assets can be confusing, complex, and cumbersome. The Kentucky Department for Medicaid Services only allows you to have a total of $2,000 in countable assets.
Some assets that may be assessed by the state of Kentucky include:
- Investment property or any real estate besides your main home
- The balances for your checking and savings accounts
- The value of any stocks, bonds, or certificates of deposit
- The value of any vehicles besides your main vehicle
However, the following assets are not countable:
- The fair market value of your primary home
- Any personal belongings
- The value of your main vehicle
- Funeral funds that have been set aside and that are under $1,500
- The value of any cemetery plots
- Life insurance valued at under $1,500
- Any assets held in certain types of trusts
Medicaid Qualified Income Trust (Miller Trust)
Assets held in a qualified income trust, also known as a Miller trust, can permit an individual to become eligible for Medicaid if their monthly income is greater than $2,199.00. This can result in significant savings down the road on nursing home stays.
A qualified income trust is an irrevocable trust, meaning, it cannot be changed. You must first create the trust and appoint a trustee. A trustee is an individual, usually someone you know well and can rely on, who is tasked with dispensing the income in the trust. In addition, you must set up a separate bank account for your Miller trust. The qualified income trust must then be approved by the Department for Medicaid Services. Each month, you will transfer income to your Miller trust to bring your monthly income below the coverage limit.
A qualified income trust is only for income and can only be used in conjunction with your Medicaid coverage. No other resources can be placed in this trust. In order to create a Miller trust, you need the assistance of an experienced attorney like the Medicaid planning attorneys at Goeing Goeing & McQuinn, PLLC.
Medicaid Planning Attorneys You Can Rely On
The eligibility process for Medicaid can be long and arduous, especially if you have assets greater than $2,000.00. If you need Medicaid, the skilled Medicaid planning attorneys at Goeing Goeing & McQuinn, PLLC can assist you with assessing your assets, setting up a qualified income trust, and determining financial and medical eligibility. For a free consultation, contact Goeing Goeing & McQuinn, PLLC today at (859) 904-2045.