Medicaid is a federal program that provides medical assistance to individuals with limited resources and income. It is the largest source that offers funding for health-related services to people with a low income in the United States. It is imperative to prepare all the essential documents to improve your application’s approval chances when doing your Medicaid planning. The Medicaid planning process is complicated and can be overwhelming. You should consider contacting a professional who is well aware of the rules and exclusions to ensure your application is completed as required.
Planning and organizing your paperwork before sending your Medicaid application is crucial. Make sure you include these crucial documents in your Medicaid planning.
Before you receive financial aid, Medicaid needs to know who you are and where you live to evaluate if you are eligible for the funding. You must provide the following personal documentation.
Identification papers– you should provide your birth certificate or driver’s license.
Proof of Citizenship– are you a US citizen? You will need to prove this because full Medicaid coverage is available to citizens and legal residents in the US only.
Proof of residency– get copies of your lease, rent payment receipts, mortgage or any other document that can prove that you live in the US.
Proof of disability– to understand you better, Medicaid needs to know if you have any disability to prioritize you when enrolling individuals in the funding program. You should ready the medical records that clearly state your disability while doing Medicaid planning.
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When applying for Medicaid, you need to provide proof of income and assets in your family possession for you to qualify. You can provide copies of insurance policies or five years’ worth of bank statements as your proof. Ensure the bank statements you have shown have no large cash withdrawals or increases.
Before you commence Medicaid planning, it is best to have information about your grandparents and parents’ financial life for Medicaid requires all specific documents to verify any family income or assets. A power of attorney, conservatorship, or guardianship makes retrieving essential documents for your parents or grandparents much easier.
Income and assets
Medicaid planning requires that you have the following papers as proof of income:
- Letter from Social Security Administration
- Income verification if you receive a government pension
- Letters for Private pensions
- Tax schedules- if you are self-employed
- A pay stub to verify deductions
When it comes to property, you should provide proof of property ownership. Remember that Medicaid planning has several exclusions. Among them is not counting property as an asset if a dependent child or spouse still lives in the property. Additionally, anything around your home is excluded as property unless it is an antique or is considered collectable.
Life or burial coverage
This includes life insurance carrying a value of more than $5000. You should have proof of this cash during Medicaid planning. This is because Medicaid needs to be informed about any pre-planned burial contracts or bonds before they choose to cover any of your burial expenses.
Planning is critical when applying for Medicaid. We hope this guide will be helpful in your Medicaid Planning and will make your application process simpler and faster.