What Does Medicaid Qualifying Trust Mean?
A Medicaid qualifying trust is a trust that people can put money into to help them qualify for Medicaid. These trusts are useful for people whose income is too high to allow them to qualify for Medicaid. Income that goes into a Medicaid qualifying trust doesn’t count toward general income totals.
Insuranceopedia Explains Medicaid Qualifying Trust
Because Medicaid qualifying trusts can reduce the amount of income that is counted, it can help people to qualify for Medicaid. However, in order to set up a Medicaid qualifying trust, a person must comply with all of the Medicaid rules for doing so.
There are restrictions on what money in Medicaid qualifying trusts can be used for. Typically, people who set up these trusts use the money they put into them to pay for various Medicaid-related expenses, such as expensive pills or treatments.