Timely Mental Health for Foster Youth Act This bill amends part B (Child and Family Services) of title IV of the Social Security Act with respect to state plans for the ongoing oversight and coordination of health care services for children in a foster care placement. An initial mental health screening of any child in foster care must be completed within 30 days after the child enters into foster care. In the case of any child for whom a mental health issue is identified in such initial screening, a comprehensive assessment of the child's mental health must be completed within 60 days after the child's entry into foster care.