The One Big Beautiful Bill and Medicaid: Part One
Have you been wondering if there will be changes to Medicaid due to the One Big Beautiful Bill that recently passed?
Considering potential changes to Medicaid can be anxiety-provoking for many. Throughout the month of August, I am turning my attention to the new bill passed by Congress and signed by the President in late July. This bill is called the One Big Beautiful Bill (OBBB). I’m pretty sure it won’t be perceived as “beautiful” to those whose lives it will affect adversely. This includes the senior population and Medicaid recipients of all ages.
My objective is to help you understand how the OBBB may adversely affect your plans for retirement, long-term health care and your eligibility for Medicaid.
Know This: There Will Be More Red Tape and Fewer Safety Nets
As many have feared, the OBBB imposes new restrictions and procedural hurdles. This could result in a loss of Medicaid coverage for many. Mind you, the loss of coverage would not be due to no longer qualifying. Administrative burdens for current Medicaid recipients will increase. Likewise, there will be challenges for those attempting to access coverage for the first time.
While the bill’s full impact will unfold over the coming months and years, one thing is clear. There will be significant affects for older adults, individuals with disabilities, and families who rely on Medicaid and ABLE accounts.
Some of the key Medicaid changes that will affect older adults include:
- Twice annual eligibility reviews instead of annual eligibility reviews or “redeterminations”
- Shortened retroactive coverage periods
- Proof of work, volunteer, or education requirements
In the next three articles I’ll post this month, I will elaborate on the changes to Medicaid due to the One Big Beautiful Bill and what you can do to create your own safety net, so you are not caught off-guard.
Considering the changes imposed by the OBBB set to take effect in 2028, advance planning for long-term care and asset protection becomes more important than ever. If you are in the early stages of creating an estate plan, understanding the OBBB is imperative. Look for the next 3 articles posted here to get a deeper understanding of the specific OBBB changes. And, if you have a current estate plan that you need to review considering the changes that go into effect in 2028, give my office a call today at (470) 235-7868.
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!
