2020 Medicaid Changes

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Changes Go Into Effect October 1

On April 3rd, 2020, New York State Legislature passed the Fiscal Year 2020-2021 budget, adding an additional look back restriction in the application for Community Medicaid. This change, going into effect on October 1st, 2020, significantly lowers accessibility to the Medicaid program, meaning that seniors (65+) and disabled individuals will have to face greater obstacles to receive the program’s benefits, particularly for in-home care. Which let’s face it, is what most of us prefer in terms of care when we get sick in our later years of life.

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Although we do not offer legal advice, we do pride ourselves on being a comprehensive firm. We have interviewed and researched many Medicaid Planning attorneys and are pleased to have found Christine R. Shiebler from Grabie and Grabie, LLP. Please note that no referral fees are paid between Christine and Craig James Financial Services LLC.

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Many clients reach out to our office looking for advice on ways to protect and preserve their hard-earned savings, and we want you to know that these changes will ABSOLUTELY impact each and every one of our clients when planning for future long-term care needs.

Those sick or age 70 and older need to call me TODAY 631-393-2888 so we can review your accounts and discuss the next steps.  If you are healthy and under the age of 70 and have Revocable or Irrevocable Trusts set up, we suggest we look these over and possibly set up a Medicaid Planning Review. If you are healthy and under the age of 70 and do not have any trusts set up, let’s look at your accounts together and see if it is time to consider trusts or set an action to review your assets a little further down the road if and when planning may be needed.