by Cassandra Jones

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January 4, 2013
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Annuities may create too much income

The last several weeks, I've addressed how individuals can maximize their available resources in order to afford needed care as they age. One of the questions I regularly get is whether a person is automatically disqualified from Medicaid if his or her income is too high. The short answer is no.

Medicaid says that you cannot qualify if you earn more than $2,084 per month. However, you may still apply for Medicaid even if you earn income above that amount. In order to apply, you must set up something called a "Qualified Income Trust." Some states call it a "Miller …

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The Record Courier Updated Jan 4, 2013 05:07PM Published Jan 4, 2013 05:06PM Copyright 2013 The Record Courier. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.