NOW is the time to take action if you are concerned about a loved one needing more care at home and who may benefit from home care Medicaid services. Beginning October 1, 2020, transfers or gifts made prior to a home care Medicaid application will be subject to a 30 month (2.5 year) lookback period. Once the new rules go into effect, individuals looking to enroll in a Medicaid community-based long-term care service, must provide two and a half years of financial records (i.e. bank statements, retirement plan statements, etc.) to Medicaid. Gifts made after October 1, 2020 and during the lookback period will be penalized by Medicaid.
Even if you are not currently in need of services, it may be a good time to create an asset protection plan, to learn about your options, and to act in accordance with the plan before the new rules go into effect. If you think we can help, give us a call.
