The New York landscape for older adults may greatly change under a Trump administration. We will continuously examine the various policies as proposed during the campaign and as they unfold in his presidency and provide our insights to you.
It is common knowledge that there is a 5-year look-back period for all applications for Medicaid nursing home benefits. However, currently in New York, there is no look-back period for Medicaid Home Care benefits. This has permitted large numbers of older adults to secure home health aides and care at home, thereby avoiding institutionalization.
However, this may be about to change. President-Elect Trump has proposed that the States take over exclusive control of Medicaid benefits. The New York State legislature has heard proposals a number of times in recent years calling for the imposition of a 5-year look-back for Medicaid Home Care benefits. While this has yet to pass in any New York State budget vote to date, it could pick up momentum now, particularly if spousal refusal is eliminated.
Click here for information on Spousal Refusal.
What You Should Do
Asset protection planning is critical, now more than ever. Advance planning allows you to access care where you want it, whether that is at home, in assisted living or in a nursing home. Older adults need to plan ahead, well in advance of a health care crisis, to preserve assets. Placing assets in an irrevocable trust is often the best place to start.
Click here to learn more about trusts and asset protection planning.
The Trump Administration and Estate Tax