Listen to Lawrence…Important News about the Community Medicaid Look-back
October 20, 2020
LISTEN TO LAWRENCE
Dear clients and friends,
IMPORTANT NEWS
We just received a communication from the Elder Law Section of the New York State Bar Association announcing new and important news regarding Medicaid. As you know, I have been communicating with you for quite some time about the new Community Medicaid look-back period of 2 1/2 years; that is, if a transfer was made prior to 10/1/20, there was no look-back and if a transfer was made on or after that date, the new look-back period would apply. This caused many people to scramble to make transfers before the 10/1/20 date.
Well, in an informal advisory capacity, New York Medicaid has told our section of the New York State Bar that they are postponing the implementation of this new law until 4/1/21. Why? Because no one can function properly with the Yankees not in the world series and the Giants starting the season 1-5! Well, that’s my excuse. Ok, the real reason is that the world is upside down and they are just not ready to implement it yet! Although this has not been confirmed in writing, there is every indication that it is true.
This means that if you need to apply for Community Medicaid (i.e., home care services) but have assets in your name, you may still have a window of opportunity to save all of your assets and escape the look-back.
BUT YOU MUST APPLY BEFORE 4/1/21.
I hope this helps! Please forward this information to your friends and relatives.
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
LISTEN TO LAWRENCE
Stay safe!