ALBANY, N.Y. (NEWS10) — The FY 2024 Executive Budget is proposing to accept responsibility of $6.4 billion in Medicaid cost increases on behalf of local governments. This is part of the State cap and takeover of local Medicaid growth.
NYC will save $3.5 billion and counties across the state will save $3.0 billion by the State’s consumption of these costs. The State cap of Medicaid growth began in the 2007 Fiscal Year. Since then, the State has taken responsibility of more than $33.4 billion in Medicaid costs that NYC and counties would otherwise have to bear.