I hope you are well.
In a previous post, we told you that a new Medicaid law was passed. One of the provisions of the new law is that as of October 1, 2020 there will be a 2 ½ year look-back period for Community Medicaid. Community Medicaid includes home health care services, private duty nursing services, personal care services, assisted living services and other long-term care services.
If you were on the fence whether to engage in Medicaid planning, September is your last chance to avoid the penalty for Community Medicaid. For all transfers on or after October 1, there will be a transfer penalty imposed for such services as home care and assisted living. After October 1, you can still engage in Medicaid planning for these services, but you will not be able to preserve as much of your assets if you are within 2 ½ years of needing such services.
Please give our office a call if you have any questions.
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