Relating to the consideration of a life insurance policy in determining eligibility for medical assistance.
Impact
The bill's enactment will specifically influence the Human Resources Code, particularly Section 32 concerning medical assistance eligibility. By exempting the value of specific life insurance policies from being counted as resources, the legislation aims to ensure that more individuals can secure assistance when necessary. The policy is expected to facilitate access to Medicaid long-term care services for those in dire need without penalizing them for having life insurance as a financial resource.
Summary
SB1321 seeks to amend existing laws relating to the eligibility for medical assistance by addressing the treatment of life insurance policies. Under this bill, individuals who own a life insurance policy and are seeking medical assistance may not have the value of those policies considered as assets if they enter into a life settlement contract. This change is designed to provide more flexibility for individuals needing long-term care, allowing them to convert their life insurance into a structured form of payment while still qualifying for necessary benefits.
Sentiment
The sentiment surrounding SB1321 appears generally supportive, especially among advocates for the elderly and those focusing on healthcare access. Proponents argue that it enhances the financial wellbeing of individuals requiring long-term care, thereby aligning support services with individual needs. However, there may also be concerns from insurance providers and financial planners regarding the implications for life insurance policies and how they may be utilized under the new framework.
Contention
Notable points of contention may involve the potential consequences for life insurance policyholders and the nature of life settlement contracts. Some critics may argue that while the bill provides immediate financial relief for individuals entering into these contracts, it could affect the perceived value of life insurance as a financial planning tool. Additionally, discussions may arise concerning the adequacy of protections and the long-term sustainability of such policy adjustments within the broader healthcare support framework.
Identical
Relating to life settlement contracts for the payment of long-term care services and support and the consideration of a life insurance policy in determining eligibility for medical assistance.
Relating to the exclusion of certain resources in determining eligibility for financial assistance and supplemental nutrition assistance program benefits.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.
Relating to implementation of an express lane option for determining eligibility and enrolling certain individuals in Medicaid or the child health plan program.