Alzheimer’s, Medicaid and the Problem of “Too Much Income”

There are times when someone with Alzheimer’s must go into a nursing home and must apply for Medicaid to help pay for some or all of the costs.  But, what happens when the Medicaid agency tells you your loved one with Alzheimer’s has “too much income” to qualify? Depending on your state, certain states are known as “income cap” states. This means that if your family member has over a certain amount of income, they exceed that “cap” and may not qualify for Medicaid.  But wait a second–not so fast.

In many income cap states there is a way to allow the Medicaid agency to ingore the fact that your family member with Alzheimer’s Disease has too much income. These are known as Qualified Income Trusts or “Miller Trusts.”   This is a very specific type of trust set up where a family member (a trustee) can manage an account for income received on behalf of the Alzheimer’s patient so that he or she can qualify for Medicaid-at least from an income perspective.  You would still need to determine what level of assets your loved one has. We’ll talk more about that soon.

For a FREE Ebook on Paying for Alzheimer’s Care, head on over to http://www.PayingForAlzheimersCare.com today!