What is a qualified income trust (QIT)?

A qualified income trust (QIT) is a financial tool that is used in the state of Florida to allow individuals who exceed the income limits to qualify for Medicaid. This trust allows a person to place their income into a special trust and have it dispersed to pay for their medical expenses. The trust also ensures that the individual remains below the income limit and is eligible to receive Medicaid benefits. QITs allow individuals with a monthly income that exceeds the Medicaid eligibility limits to qualify for coverage. The trust pays the individual’s medical bills, including nursing home costs, and other approved expenses. The trust must be established by an approved trustee, and it must meet certain legal requirements in order to be valid. An important part of setting up a QIT is that the individual must sign a written agreement with the trustee that states all of the money in the trust will be used to pay for their medical expenses. The money in the trust cannot be used for any other purpose. To qualify for a QIT, the individual must submit an application that verifies their income and financial resources, as well as their medical expenses. A professional advisor can help the individual complete the application and provide the required documents. QITs provide an important opportunity for individuals to qualify for Medicaid while still protecting their financial resources. With the help of a qualified elder law attorney, it is possible for individuals to take advantage of this helpful tool.

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What is a qualified income trust (QIT)?

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