The Elder Law Practice Group at Falcon Rappaport & Berkman would like to share some important Elder Law legal updates with our clients and professional partners that will impact Medicaid eligibility for applicants/recipients in 2024.
Federal Benefits Updates
Recipients of Social Security and Medicare benefits should note the following changes[i] effective for 2024:
Medicare Benefits:
Please note that Medicare coverage may be discontinued prior to the expiration of the first 100 days of an individual’s stay at a skilled nursing facility.
Medicaid Resource & Income Allowance Figures for 2024
The New York State Department of Health has released its updated Resource and Income Allowance figures[ii] for the Medicaid Program.
Effective January 1, 2024, the following Resource and Income allowance levels apply:
Community-Based Medicaid (Home Care):
Institutional (Nursing Home) Medicaid:
Please also note that these resource/income allowances do not account for certain “exempt resources” which are not counted toward the resource/income threshold for Medicaid eligibility, and that certain planning strategies may be employed to help individuals who might otherwise not be financially eligible for Medicaid benefits secure Medicaid eligibility.
Community Medicaid Look-Back Period Delayed
The New York State Department of Health has not yet announced an official date on which the state will begin to implement the 2 ½ year look-back period for Community (Home Care) Medicaid applicants that was announced in 2020.
What does this mean for our clients? The delay in the implementation of the 2 ½ year look-back period means that, for a limited period of time, Community (Home Care) Medicaid applicants will be able to transfer their assets without incurring a transfer-of-assets penalty. We strongly encourage all individuals who believe they, or a loved one, may benefit from home care services to contact the Elder Law attorneys at Falcon Rappaport & Berkman at (516) 599-0888 as soon as possible so that we may review your options before the look-back period is implemented.
Updated New York State Regional Rates for Nursing Home Care
The New York State Department of Health has updated its 2024 regional rates[iii] representing its assessment of the average cost of nursing home care in different regions throughout the state. The Medicaid program utilizes these figures when determining penalty period calculations due to uncompensated transfers or gifts of assets occurring during the five-year look back period.
As of January 1, 2024, the following regional rates shall be effective:
Why are these figures important? When engaging in complex Medicaid planning, these figures will be utilized by your elder law attorney to strategize promissory note gift/loan calculations, estimate penalty periods, and counsel clients on options for their estate and long-term care planning.
[i] See 24ma01.pdf (ny.gov)
[ii] See 24ma01_att1.pdf (ny.gov)
[iii] See GIS 23 MA/21 (ny.gov)
