April 2024 has arrived and the rule regarding two and one-half (2.5) years of look-back has not been implicated.
Many potential applicants were worried that starting April 1, 2024 Medicaid will implement the 2020 rule of 2.5 years look-back period. That means applicants applying for Community Medicaid, which allows them to apply for home-care services, as well, will be imposed. However, the rule did not go into effect and may be extended to January 2025.
How will the new rule affect potential applicants? Basically, Medicaid will request 2.5 years of financial statements. If the past 2.5 years prior to applying Medicaid sees transfers, the applicant will be disqualified for a period of time. How long will the applicant be disqualified for? Had the rule been in effect, applicants in New York City will be disqualified one month for each $14,273 transferred. Suppose the 2.5 years of look-back reveals $142,730 transfers? That means the applicant will be disqualified for ten (10) months. Nevertheless, disqualifications cannot excede 2.5 years.
Presently, the look-back period is one-month. That means, an applicant can transfer any amount of money to a trust, a family member, a loved one or anyone, and the following month becomes financially eligible for Community Medicaid.
Lately, many elderly applicants are avoiding this issue by transferring their assets and applying the following month. Applying for Community Medicaid does not mean the applicant is forced to activate the home-care services component. Applicants can apply today for Community Medicaid, and when they need home-care services they simple call the Medicaid enrollment center and request home-care services.
Should you have any questions regarding Medicaid eligibility, contact us for your Free consultation.