- Establishing an in-home caregiver for Regina.
- Granting full Medicaid eligibility for Regina.
- Ensuring Cathy still has an income stream.
Cathy decided to enlist the help of ECR Planning’s Certified Medicaid Planners in order to make sure that she submits the application correctly on the first attempt. This way she made sure that she can start taking care of her mother full-time as soon as possible without sacrificing her financial stability.
Meeting Income Limit
The very first barrier to Regina’s Medicaid eligibility will be the fact that she is over the income limit for her state. Luckily, her state allows for something called a Qualified Income Trust, or QIT.
A QIT is a helpful tool to help Regina represent an income that is below the limit in her state. A Certified Medicaid Planner can walk Cathy through the steps of setting up this QIT. While these types of Trusts may seem simple at first, if they are created incorrectly it can cause additional problems with Medicaid.
Meeting Asset Limit
With the help of Eldercare Resource Planning, all of these steps are possible. However, it is important that things are done in the correct order, with proper timing in mind.
This will ensure Regina’s Medicaid application is not denied, and that the Caretaker Agreement is set up properly, both of which are major hurdles that can create additional financial issues if not done correctly.