Among the questions you want to be asking yourself when you are applying for Medicaid is whether you meet the financial cutoffs financially. People are often unaware of the low cutoffs are and have a hard time rearranging their assets to qualify for each state's strict financial cutoffs. Most people don't know that Medicare will not cover their long term care options until it is too late. Most people are very astute when it come to asset insurance and term life insurance, but generally very uneducated when it comes to long term care insurance and what you should do to protect your future.

As a result, accidents or disease strikes and most people don't know what to do. Unfortunately, the end result is often financial ruin because people do not know how to protect their assets and have to resort to using their retirement funds. Educating yourself about Medicaid and Medicare are the first steps. If you do decide to apply for Medicaid, here 10 steps in applying for Medicaid:

1. You should understand that Medicaid is strictly a state run program. People often get it mixed up with Medicare which is a federally funded program. Each state has its own set of strict requirements.

2. You should also understand that if you qualify for SSI. Then chances are you will also qualify for Medicaid.

3. Understand that there have also been many changes in the way individuals are funded. For example, the look back period has been extended to 5 years for most states, meaning the State can look back on your financial records up to 5 years past to see any changes in your assets.

4. Call up your State Department or County Services offices. Most have sites with the phone number and address readily available in case of assistance.

5. Go to the office and fill out the form.

6. Get legal assistance from a practicing elder care lawyer who is familiar with the ins and outs of Medicaid and estate planning. Finding a good elder care lawyer is well worth the money, since they can help you tremendously financially in the long run.

7. Collect all of your financial statements. Medicaid is largely based on your personal finances so make sure they are in order.

8. If you have any questions, ask the office personnel, your elder law lawyer, trusted social worker, or case manager for help.

9. It is generally in your best interest to be honest when filling out the form. Fudging the financial forms may get you in legal trouble somewhere down the line.

10. Explore your long term care options. Ask your elder law attorney or someone familiar with the different choices to help you get educated.

Applying for Medicaid can be an extremely daunting task for many family caregivers especially when their families' financial futures are at stake. You can take steps to ensure your financial future by educating yourself in applying for Medicaid. Planning will pay off in the end. Accidents happen, but you can be proactive in safeguarding yourself in the case of such accidents.