I know there is some way you can have your child removed from your insurance and have him pick up medicaid benefits. Now I am not sure about the wealth part of it. My friend is going through this currently-she is not wealthy, but as a family they own a home and can pay their bills and the basics.
She has a child that has a serious and rare disease which is going to be very expensive for all his care. At some point she is supposed to take him off her insurance (as the expense will be so high) and then get him on medicaid. It is very complicated and even after being walked through it with a so-called expert, she is still confused on how to go about it.