I don’t know if anyone else remembers that book, but it was one of my favorite books when I was a kid. It’s about a button that was lost and they are chasing all over town trying to find it.
That’s what it felt like we were doing when we had to apply for Medicaid benefits for my dad. Not only was I dealing with all of the medical issues and emotional turmoil of placing my dad in a nursing home and dealing with my mom adjusting to her new normal, but I was on a mad hunt for documents that the Medicaid Office required to qualify him for benefits.
I was fortunate that my mom was still here and had all of her facilities, and was able to provide information to track down what was needed. I know that as a parent you may not want your child or children to “know your business”, but I also know you don’t want to put them through needless additional stress at a time of already high emotional stress.
Thus, it is a good idea to start planning for a time when your children might need to have this information. Start saving and organizing statements from financial accounts in individual folders, organize your insurance policies, make sure all the information about your retirement assets or pension is one place, make a list of your assets and where they are located, and most importantly let your children know you have done this for them where they can find this information.
You should keep a rolling record of your most current five years of records. Should the time come when they need to apply for Medicaid benefits for your care in your home or in a nursing home, they will thank you. It will allow them to spend time with you, rather than “chasing the button”.
Did you know that we offer free educational workshops on estate planning and medicaid? Just click here to find the workshop that works best for you and your family. We hope to see you soon!