Although Medicaid extended the look-back period for Community Medicaid once again, it will inevitably happen one of these days. As you may have noticed in reading our blogs, Medicaid keeps changing the date in the applicant’s favor. Everyone thought the last change date of July 1, 2021 was the final date; however, the present crises forced the department to change the July 1, 2021 date to January 1, 2022.
This means the following:
Presently and until December 31, 2021 Community Medicaid applicants can continue to enjoy the old rule, which allows the applicant to transfer their assets one month and become eligible the very next month.
However, beginning January 1, 2022 Community Medicaid applicants will have to surrender bank statements beginning with October 1, 2020. Any transfers during the period beginning October 1, 2020 to the point of filing will create a disqualification period.
Individuals who have saved some money and wish to protect it, should consider filing for Community Medicaid before the year ends; otherwise, it could take up to two and one-half years after they apply before they will see a home attendant paid for by Medicaid.
In the old days an applicant was able to transfer assets one month and become financially eligible the very next month. Medicaid changed this unique opportunity as of 10-01-20 and decided that if an applicant transfers assets after 10-01-20 Medicaid will impose a disqualification period depending on the amount they had transferred. This rule was extended several times and probably the 01-01-2022 will be the final extension. That being said, applicants should consider filing for Community Medicaid before the end of the year.
For additional information regarding eligibility, feel free to contact our office to discuss this issue in more details.