A Medicaid lookback period is the timeframe proceeding the application during which a penalty for transferring assets for less than fair market value can be assessed. Penalties cannot be assessed for transfers which took place prior to the lookback period. A penalty period is the time during which Medicaid coverage is unavailable due to a transfer of assets during the lookback period.
For more: https://www.wbny.com/Update-on-NYS-Department-of-Health-30-Month-Lookback