Page 11 - Medicaid New Client Welcome Guide

Income Qualification Strategies

AT A GLANCE

Q U A L I F I E D I N C O M E T R U S T ( Q I T ) *

PROS:

1. Allows you to gain eligibility if you surpass the income threshold.

2. Account is managed by a Trustee you appoint

CONS:

1. Excess funds can only be used for Medicaid approved expenses
2. Remaining funds are payable to the State of Florida upon passing

P O O L E D S P E C I A L N E E D S T R U S T ( P S N T ) *

PROS:

1. S P E C I A L N E E D S P O O L E D T R U S T
Allows you to gain eligibility if you surpass the income threshold.
2. May use funds for more than just medical expenses

3. May designate beneficiaries

CONS:

1. Managed by a third party

2. Fees incurred to establish trust and maintain account
3. State of Florida is always the first beneficiary upon passing

*INCOME DEPOSITED INTO EITHER A QIT OR PSNT IS STILL TAKEN INTO CONSIDERATION WHEN THE STATE CALCULATES
10 YOUR MONTHLY PATIENT RESPONSIBILITY PAYMENT TOWARDS SKILLED NURSING FACILITY ROOM & BOARD CHARGES.