How Can I Spend Funds in A Qualified Income Trust?
There are very specific rules regarding how the funds in a Qualified Income Trust (QIT) may be spent. It is very important that the Trustee ensures that only allowable expenses are paid out of the QIT account because if funds in the QIT are spent improperly, it could jeopardize the recipient’s Medicaid eligibility.
Only the following expenses can be paid out of a QIT account:
- The Patient Responsibility due to the nursing home (as determined by the Department of Children and Families)
- Health insurance premiums
- The Community Spouse Allowance (as determined by the Department of Children and Families)
- Medical expenses not covered by insurance (i.e. medical durable supplies, additional home health care agency hours, therapies not covered by Medicaid)
- Uncovered portions of an assisted living bills
If you have specific questions regarding managing a Qualified Income Trust account or your duties as the Trustee of a Qualified Income Trust, the experienced elder law attorneys of Bach, Jacobs & Byrne, P.A. are here to assist you. Call us at (941)906-1231 to set up a consultation.