Family Opportunity Act of 2004 or Dylan Lee James Act - Amends title XIX (Medicaid) of the Social Security Act (SSA) to: (1) give States the option of allowing families of disabled children to purchase Medicaid coverage for them; and (2) add to the list of persons eligible for Medicaid home and community-based service waiver programs individuals under 21 years of age requiring inpatient psychiatric hospital services.
Amends SSA title V (Maternal and Child Health Services) to: (1) make appropriations to the Secretary of Health and Human Services for FY 2005 through 2007; and (2) authorize appropriations to the Secretary for FY 2008 and 2009 for special projects of regional and national significance for development and support of family-to-family health information centers.
Amends SSA title XIX to confer Medicaid eligibility to persons who are under age 21 and who are eligible for SSI, effective on the later of: (1) the date the application was filed; or (2) the date the individual became eligible for SSI.