Governor Cuomo signs a budget that will cut Billions from their Medicaid programs.
Starting October 01, 2020 New York's long term medicaid program for at home care will experience is biggest changes in years.
If you've been hesitating to apply for New York's at home care Medicaid program don't wait any longer or you may loose the opportunity for any asset protection
Because of these cuts, the following changes will occur
Home based Community Medicaid will no have a 30 month look-back period. Community Medicaid is benefits for care provided to recipients in the home, such as home health aide.
What is the 30 month look back period?
A look-back period means that the Medicaid applicant will need to present financial documentation going back 30 months from the date of application and go through an eligibility determination analysis.
Transfers of assets ["gifts] for less than fair market value will incur a penalty if done in the 30 months prior to the date that the Medicaid application is submitted. As with the traditional five-year look-back for nursing home long-term care the penalty period for community Medicaid will begin when the applicant is otherwise eligible. Meaning, the penalty period won't start until the application has been submitted and the applicant has met all financial and medical requirements.
The penalty, if any, will be calculated in the same fashion that the penalty period is calculated for long-term care Medicaid benefits. The total value of all transfers made for less than fair market value during the penalty period is divided by the penalty divisor amount.
Qualification requirements for community Medicaid will change. Applicants will need assistance with three activities of daily living, such as bathing, grooming, dressing, feeding, or ambulating. If an applicant has dementia or Alzheimer’s Disease, they would only need help with one activity of daily living to qualify for community Medicaid benefits. Also, the diagnosis and treatment plan must be prescribed by a physician selected or approved by the Department of Health, not a physician chosen by the Medicaid recipient.
Don't miss your window of opportunity, contact us today. Planning today may allow you to take advantage of the current laws.
Call or email today - 855.471.6771 - firstname.lastname@example.org