Bill > H1200

This bill aims to update Medicaid resource limits for seniors. The key provisions are: (1) it exempts the cash surrender value of life insurance policies owned by the applicant or their spouse from Medicaid eligibility determinations, regardless of the face value of the policy; and (2) it increases the Medicaid resource limits to $2,000 per individual and $3,000 per couple. The bill also requires the state's Medicaid agency to submit a plan amendment and promulgate regulations to implement these new resource exemptions within 30 days of the bill's effective date.