Here are some "Get's" that will help you prepare for the Medicaid application process.
Get going five years before you think you need to. Medicaid has a five-year look back to all your financial dealings, which means transactions conducted during that time may be counted in determining program eligibility. With this requirement, it’s good to have the banks' names and numbers accessible. Regulators are looking at two things: if you're hiding any money and if you've given any away.
Get a power of attorney. While you might never need this to obtain Medicaid approval, having a power of attorney is a good move.
Get ready for the paperwork. Start a filing system early, because once you send in that initial application, there will be a boatload of questions that will need answering. And with each request, you'll need to include your case number.
Get some friends. Be pleasant and friendly with caseworkers, bank employees, eldercare counselors, and others that assist you with this process. Remember, the old adage, "You can catch more flies with honey than with vinegar." People are more apt to help you with questions or problems if you’re nice versus being a brute.
Get back to your life. When you receive the approval for the Medicaid application, breathe easy. Once approved, there is an annual "review" process to verify you haven't come into wealth, however, absent such a windfall the heavy lifting is all over.
Reference: Huffington Post, The Oprah Magazine (December 19, 2014) “Sanity-Saving Secrets For Caring For Your Aging Parents”