There has been a five year look back period for the transfer of assets for individuals seeking long term nursing home care for many years now. Any transfer of assets or sale of assets during this period of time can make an individual ineligible for receiving Medicaid nursing care benefits. The transfer of assets or the sale of assets will cause an individual to have to pay for their nursing home care until they spend down enough money to offset the assets which were transferred.
THE LOOK BACK PERIOD MEDICAID HOME CARE BENEFITS
There is currently a 15 month look back for Medicaid home care benefits. To apply for Medicaid home care benefits, it will usually be necessary to have financial disclosure made in the Medicaid application for the lookback period. Down the road, the Medicaid home care lookback period is going to increase to 30 months. It is expected the lookback period will continue to grow.
There are methods in estate planning which can help families obtain Medicaid benefits. The best way to plan for the future is to retain an experienced elder care attorney to help you in this endeavor.
Elliot S. Schlissel is an attorney practicing marital and family law for more than 45 years. He can be reached at elliot@sdnylaw.com and 516-561-6645.
