Individuals and couples who anticipate needing long-term care due to disability or advanced age may turn to Medicaid benefits to cover the cost. However, the eligibility restrictions for Medicaid benefits require many people to undertake Medicaid planning to qualify for benefits. Before beginning the Medicaid planning process, you will need various documentation to help you develop a comprehensive plan tailored to your personal and financial situation and goals.
Proof of Identity or Citizenship
First, you should gather identification documentation and proof of citizenship, such as a birth certificate, passport, driver’s license or state ID, and Social Security card. You may need these documents to execute legal paperwork or complete financial transactions.
Proof of Income
A Medicaid planning attorney can advise you on your legal options by understanding your (and your spouse’s) current income. Medicaid benefits eligibility also imposes income limits, so proof of income can help your legal counsel determine your current eligibility and identify legal solutions that may help you qualify for benefits. Examples of proof of income documentation include:
- Recent pay stubs
- Income tax returns
- Social Security benefit statements
- Pension statements
- Annuity or investment account payment statements
Proof of Assets
Your Medicaid planning attorney will also need documentation of your assets to begin developing legal strategies to help you qualify for Medicaid benefits. Records to collect include:
- Bank statements from the past five years
- Retirement and brokerage account statements
- Real estate deeds and mortgage statements
- Vehicle titles and car loan statements
- Life insurance policies with cash value
Proof of Debts and Expenses
Some expenses and debts can offset your assets or income when determining eligibility for Medicaid. As a result, you should gather documentation of your outstanding debts and ongoing expenses, such as:
- Mortgage statements or rent payment receipts
- Utility bills
- Ongoing medical expenses, including out-of-pocket medication costs and long-term care expenses
- Outstanding debts and liabilities, such as credit card debt, student loan debt, or medical debt
Legal Documents
Depending on your current estate planning documents, you should also have copies of your estate planning provisions, such as your will, advance healthcare directive, trusts, and powers of attorney.
Documents for Married Couples
Finally, married individuals who apply for Medicaid benefits, whether alone or together with their spouse, must submit their spouse’s information. As a result, you may need relevant documentation such as your spouse’s income information and asset disclosures, pre- or post-nuptial agreements, or a spousal refusal document (under which your spouse legally refuses to pay for your long-term care costs).
Preparation Pays Off
Remember, the more information your attorney has prior to your initial meeting with them, the better prepared they are to assess your unique situation. At Kreisher Marshall & Associates, we provide our prospective clients with a questionnaire that helps them get the most out of their appointments. Having this requested information ahead of time helps us present you with all options that may be available to you.
Contact a Medicaid Planning Lawyer Today
A knowledgeable Medicaid planning attorney can help you determine what documents you may need to develop a comprehensive legal strategy to qualify for Medicaid benefits. Contact Kreisher Marshall & Associates today for an initial consultation with our legal team to learn more about the Medicaid planning process.