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What do you do if your income is too high for Medicaid?

Planning for posterity in Iowa could mean putting money away for your beneficiaries. It also might entail making the most of every available resource at your disposal in order to minimize the impact your own living expenses have on your estate. A Medicaid payback trust is one type of financial document that could help you reduce medical costs, in some situations.

According to the Iowa Department of Human Services, you could have access to three types of Medicaid payback trusts:

  • An option specifically geared towards disabilities
  • One with pooled resources, such as donated funds from a not-for-profit organization
  • Income trusts that could qualify you for Medicaid if your income is too high

Depending on your total pension, investment and other revenue, income trusts are probably the most effective options for maintaining your long-term care. Rather than exhausting funds or borrowing against pensions and retirement accounts, the trust could technically reduce your intake of funds enough to allow you access to Medicaid, should your situation qualify you.

This additional support could provide you with a more manageable situation regarding nursing care, pharmaceutical expenses and in-home therapy. Typically, the trust could be used to fund anything that Medicaid would cover if you were to meet the income requirements without a trust.

In addition to Medicaid payback trusts, there are other techniques that have the potential to modify your income so that medical bills become more manageable. It could take some considerable research to determine the correct choice: an investigation of your own financial situation and the alternatives available. As such, please think of this article simply as information, not as legal advice. 

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