summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to establish a Medicaid life settlement program pursuant to the insurance laws of the Commonwealth. Financial Services.
AI Summary
This bill establishes a Medicaid life settlement program in Massachusetts. It allows the owner of a life insurance policy with a face value over $10,000 to enter into a life settlement contract to receive payments directly to a healthcare provider for long-term care services. The proceeds from the life settlement contract are not considered assets for Medicaid eligibility, but must be used for long-term care services first before Medicaid funds can be used. The bill also requires certain provisions in the life settlement contract and oversight by the Department of Insurance. Additionally, it exempts certain policy provisions and limits claims against the life settlement provider. The Department of Health and Human Services is authorized to implement rules to ensure the proper distribution and use of the life settlement proceeds.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H937 |
| Bill | https://malegislature.gov/Bills/191/H937.pdf |
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