New York State’s approved 2020/2021 budget includes comprehensive changes to the structure and services offered by New York’s Medicaid program. These changes may make it more difficult for New Yorkers to qualify for long-term care Medicaid benefits.
The change that will impact families the most, is a new two-and-a-half-year lookback for Medicaid home care applications. Under the current rules, you may transfer assets before applying for Community Medicaid, without penalty. Beginning for applications in January 2021, any transfers occurring after October 1, 2020, with some limited exceptions, will be subject to the lookback and potential penalties. The lookback will gradually extend until, in 2023, the lookback reaches a full two and a half years. Structural changes to home care assessment, care needs standards and case processing are also set to take effect October 1, 2020, which may impact those needing assistance with everyday tasks.
Now is the time to start your Medicaid Planning
Long-term care is very costly for most people, and without planning, those expenses can devastate a family’s finances. This new penalty period being imposed on transfers of assets within two and a half years of the application, may further increase the financial burden on families, which could result in net losses of thousands of dollars.
Medicaid planning can help you protect your assets and get necessary medical and nursing care without spending your life savings.
The Law Offices of Mary A. Miller, P.C. has been assisting clients in navigating the Medicaid process for both in-home and nursing home care for almost 10 years and understands how to make effective use of legal tools that allow our clients to get the care they need quickly and efficiently, while minimizing out-of-pocket expenses.
For more information, and to learn how these changes may impact you, your planning, and your financial situation, please contact our offices at 914.939.6565.
