If you are looking at going on Medicaid Services you will want to plan ahead. Medicaid planning is essential in making sure that you don't do anything that might count against you once you need services. Here are a few pointers to make it a seamless process...
The look back period is 5 years for Medicaid. This means that if you sell a house 3 years prior to applying Medicaid is going to want to know where those funds were spent. Make sure if you are getting older that you start keeping records showing where your funds are going. That will make it much easier to get on Medicaid when you need it.
Make a binder that has January-December tabs. Put your bank statements, receipts, and notes for where cash purchases may have been made. If you sell your house, make a ledger showing where the funds from the house sale has went. Put that money into a separate account if needed and ledger it.
Medicaid will typically want to see three months bank statements showing that you are below $2,000.00 to be eligible for services, unless you have sold a house, asset, or had large sums of money in the last 5 years.
If you are a POA keep meticulous records from the date of acceptance. These will become your best friends when applying.
Start early, it can take 3 months to get approved. Even if you are over resourced, get the paperwork done. They will deny you, and then you will have a letter explaining what you need to spend down to be eligible. If you wait until you are eligible to apply, you might end up having to pay out of pocket until the application is processed.
These are just a few pointers when it comes to medicaid planning. If you are needing more in depth information contact one of our senior care advisors today, for a financial plan review.