What is a Miller Trust and how does it work?
In these states, Miller trusts are utilized to allow persons a way to still meet the income limit, and hence, qualify for long-term care Medicaid. For income cap states, the income limit for nursing home Medicaid and Home and Community Based Services (HCBS) Medicaid Waivers is generally 300% of the Federal Benefit Rate (FBR).
What is a Miller Trust for Medicaid in Arkansas?
What is a “Miller Trust?” Miller Trusts are a type of trust used to qualify a Medicaid applicant for Medicaid when the Medicaid applicant’s income exceeds the state published Income Cap. In Arkansas, the “Income Cap” (a phrase with a specific meaning for Medicaid purposes) as of the date of this article is $2,250.
What is a Miller / Qualifying Income Trust (QIT)?
Funds deposited in a Miller / Qualifying Income Trust can only be used for very specific purposes. A trustee manages the trust account, which includes paying out money deposited in the trust. If all of a Medicaid recipient’s income is deposited into the QIT, he / she can be paid a personal needs allowance (PNA).
What can disqualify a Miller trust account from Medicaid?
If you only deposit a portion of a Social Security check or retirement check into the Miller Trust account, Medicaid will disqualify the trust. You must deposit the exact amount of the checks received. Not putting in the money on time Miller Trust rules require income be deposited by the last business day of the month it is received.
Can I qualify for Medicaid with a Miller Trust?
But in some states (called “ income cap “ states), Medicaid applicants who have excess income can qualify for Medicaid only if they put the excess in a special trust, called a „Miller“ trust or a „Qualified Income Trust.
Can you put savsavings in a Miller Trust?
Savings or other resources cannot go into a Miller Trust. The person who benefits from the trust is the „beneficiary.“. For Miller Trusts, the beneficiary is the person in the nursing home. The person who administers the trust and pays out money is the „trustee.“.