7 Easy Steps Towards Effective Medicaid Planning

  1. Be proactive! Take charge of your future, for yourself and your family.
  2. Take care with your financial records. Remember that you may need to provide up to 5 years of information to qualify for Medicaid.
  3. Keep an updated list of your Assets. (Stocks, Pension awards, Insurance Policies, etc).
  4. Maintain updated copies of your Liabilities, as well. (Rent or mortgage payments, property taxes, utility bills, and medical expenses).
  5. Determine your goals, family needs, and health concerns for your immediate AND long term future.
  6. Remember to have in place these key documents:
    1. Will
    2. Living Will
    3. Healthcare Power of Attorney
    4. Financial Power of Attorney
    5. HIPAA Authorization
  7. Create an overall estate plan that will help you and your loved ones achieve your goals, help direct your saving, spending, and investment strategies, and allow you to plan with your individual needs in mind.