I am sure you’ve seen or heard about the changes coming to the NJ MLTSS Medicaid program with respect to applicants whose gross monthly income exceeds the “income cap,” which is presently $2,163. I’ve blogged about this over the last few months. Well it’s official now – the State has confirmed that December 1 is indeed the date in which this new procedure must be used. Here is the State’s updated memo: QIT_FAQs(1)
These arrangements are called Medicaid Qualified Income Trusts, QITs or MQITs, and in some other states are called Miller trusts. A Trust must be established prior to the month for eligibility and the applicant’s income must be directed into the trust. From there, the trustee must pay the applicant’s expenses in a specified order of priority. Although the form of the Trust document itself is prescribed by the state, and may seem to be “simple,” there are plenty of steps involved in setting it up at the bank in a timely manner, getting it funded, and then in properly handling it. You may need several weeks at a minimum to have the structure fully in place prior to the date of your anticipated eligibility.
Our Firm has been preparing applications and advising Medicaid applicants & their spouses for 20 years and we are ready to assist you with an application now, including the new QIT’s. Call for appointment 732-382-6070.