- posted: Dec. 02, 2021
It‘s Time To Set Up An Asset Protection Trust Because You May Need Community Medicaid Benefits (Home Health Aides) In The Future
On April 7, 2020, New York State made changes to the qualification rules with respect to community Medicaid benefits (e.g., home health aides). The new law now imposes a 30-month financial lookback for individuals applying for community Medicaid benefits.
This law changes the prior law which did not impose any financial lookback to receive these benefits. The rules were initially expected to go into effect in October of 2020, but lawmakers delayed the change until July 1, 2022.
This delay is, in part, due to the federal government freezing protections enacted under the FFCRA Families First Coronavirus Response Act (“FFCRA”), which prohibits states from restricting eligibility until the quarter following the end of the Public Health Emergency.
Setting up a trust now and funding it with your major appreciated assets, like your home and or some investments, is a prudent step you may wish to take now.
Home Health Aides costs $ 25 to $ 35.00/per hour.
If you wish to stay in your home rather than a nursing home if and when you need care, and you do not want to deplete your life savings, call our office now and schedule a zoom or in person meeting. To speak with attorney Mary K. Kelly for a free one half hour consult call 631-691-2823.