Bill > S793

This bill aims to update Medicaid resource limits for seniors. The key provisions include: (1) exempting the cash surrender value of any life insurance owned by the applicant or their spouse, regardless of the face value of the policy, and (2) setting resource limits of $2,000 per individual and $3,000 per couple. The bill requires the state's Medicaid agency, the Division of Medical Assistance, to submit a state plan amendment to implement these resource exemptions within 30 days of the effective date of the bill and to subsequently promulgate all necessary regulations.