On October 1, 2020 applicants for Community Medicaid will be subject to a new look-back period of 30 months.
This means that if you apply and are eligible for Community Medicaid on or after October 1, and you made non-exempt asset transfers within 30 months of your application date, you could be subject to a penalty period. The penalty period is the length of time you will be ineligible to receive Community Medicaid to pay for home care, private duty nursing, personal care, or the assisted living program (ALP).
The penalty period will depend on the fair market value of the gift or transfer you made during the look-back period. It could be months, it could be years. During the penalty period you will have to pay for your care out-of-pocket, which could be financially devastating for you and your family.
At The Estate Planning and Elder Law Group, we can protect your life savings against the transfer penalty, but you have to act now! We are offering you a FREE consultation until September 23, 2020.
Don’t lose your hard-earned life savings to the high cost of long-term care. Contact us today to schedule your free consultation by calling (718) 514-2066 or click the button below.