Very good Medicaid news decided this month!
The New York State Department of Health has further delayed the start of the 2.5 year “lookback” period for new Community Medicaid applications (i.e., non-nursing home Medicaid applications, which are typically used for free homecare) until January 1, 2022.
For Community Medicaid applications for free homecare filed before January 1, 2022, there is no lookback period imposed and no penalty period for gifts and transfers of assets out of your name that occurred on or after October 1, 2020.
However, Community Medicaid applications filed on or after January 1, 2022, will be subject to the 2.5 year lookback and penalty period. Once the lookback period starts, audit and disclosure of gifts and transfers of assets going back to October 1, 2020 will be required.
PLAN, PLAN, PLAN.
If you are concerned about the devastating expenses of long-term care and protecting your assets or the assets of your loved ones, it is critical that your start planning as soon as you can.
The Medicaid application process takes time, so do not wait until the last minute or you may miss your opportunity to get free Medicaid homecare and avoid the lookback period on your Community Medicaid application.
Call 212-268-8200 or email Samantha Benadiba, Esq. at sbenadiba@raphanlaw.com to make an appointment for a free 30-minute consultation over a Zoom video, telephone call, or in-person in our office to discuss how we can assist you to become Medicaid eligible and navigate you through the Medicaid application process. We can also discuss whether a Medicaid Asset Protection trust is right or necessary for your situation.
Even if Medicaid is not a concern for you, every adult New Yorker should have these four essential estate planning documents: Last Will and Testament, Durable Power of Attorney, Health Care Proxy and Living Will. We are also available for a free 30-minute consultation to discuss these important estate planning documents and to assist you with any of your planning needs.
We are here when you are ready to assist you with all your elder law and estate planning needs!
Thanks, Samantha (“Sam”)
Comments