A Miller trust is a useful tool for Delaware seniors who have too much income to qualify for Medicaid.
Such a trust helps manage income levels to meet Medicaid eligibility requirements. This helps seniors receive the care they need.
1. Access to Medicaid despite income limits
Medicaid has strict income requirements, and seniors with income above these limits typically do not qualify. By funneling excess income into a Miller trust, seniors can reduce their countable income, making them eligible for Medicaid benefits. This trust acts as a financial safety net, allowing seniors to receive necessary medical assistance.
2. Access to care
Delaware seniors often face significant medical expenses. Medicaid can cover many of these costs but only if the individual qualifies. A Miller trust gives access to seniors who would otherwise face ineligibility because of excess income. This access helps those who require long-term care, frequent medical treatments or costly medications.
3. Living expenses
A Miller trust also provides a structured way to manage living expenses. The income going into the trust pays for necessary costs such as housing, utilities and food. The trustee, who manages the trust, allocates funds for these expenses, meeting the senior’s basic needs. This structured management can provide peace of mind.
4. Assets for family
Without the trust, seniors might need to spend down their savings to qualify for Medicaid. This spend-down can deplete inheritances. A Miller trust allows seniors to protect a portion of their income and assets, helping them provide for their families while receiving necessary medical care.
5. Simpler Medicaid application process
By showing that excess income is going into the trust, applicants can more easily meet Medicaid’s eligibility requirements. This can streamline the approval process, reducing delays and ensuring timely access to benefits.
A Miller trust offers significant advantages for Delaware seniors with too much income to qualify for Medicaid. These benefits make such a trust a valuable consideration for seniors seeking to secure their financial and medical well-being.
