. In this article, our Chicago senior planning attorneys explain the Medicaid eligibility and requirements and the Medicaid look-back period.For low income individuals, Medicaid is a health insurance program that mot only covers the elderly, but children as well. For the elderly to be eligible for assisted living, nursing, or in-home care, thy must have limited assets and income. All Medicaid applicants must meet an income threshold in order to successfully apply for and, potentially receive, coverage. The requirement is not universal and varies. The “look back” period is a specified period of time dating back from the date an individual applies for Medicaid. In Illinois, the “look back” period if 5 years - meaning when reviewing an application, the applicant’s records are checked for suspicious transfers of assets.