What deposits for Qualified Income Trust? Deposits needed into a Qualified Income Trust (QIT) allows a person to become eligible by placing their income into an account each month that the individual needs Medicaid. The amount of money to be deposited in the trust each month must be enough so that remaining income is within program standards.
Since the income deposited and withdrawn from the QIT is used to calculate an individual’s patient responsibility, the wise thing to do is to deposit a bit more income to have a small cushion, rather than risking depositing too little and not qualifying for Medicaid.
Upon determining that a person has a patient responsibility, he or she is responsible for paying that amount.
Funds Remaining in the QIT Go to the State
Any funds remining in the QIT at death are to be paid to the State (up to an amount of the total Medicaid benefits the State paid on behalf of that person).
When the patient passes away, the QIT trustee or other agent acting on behalf of the patient should contact the long-term care facility to determine if there’s any refund for the month of death due to the trust.
Again, any remaining balance in the QIT as of the date of death—plus any refund from the nursing home facility—must be paid to the State.
Usually, all that is needed is a brief cover letter that states that the payment is for a QIT with the Medicaid recipient’s name, social security number, and/or Medicaid ID number. You should enclose a copy of the QIT bank statement covering the date of death to confirm the check is for the balance. In addition, include any documentation of refunds received from the long-term care facility.
If you have questions about payment of QIT funds to the State and Florida Medicaid, contact attorney John Frazier, a skilled Medicaid planning (with over 2,000 cases completed that helped preserve their family’s savings), estate planning and elder law practitioner. Please contact John for a free telephone consultation at 727-586-3306 extension 104. If you prefer click here now to send in a contact form, and we will call you.