Bill > H1318

This bill aims to update Medicaid resource limits for seniors. It proposes to amend Section 25 of Chapter 118E of the Massachusetts law by inserting two new subsections. The first would exempt the cash surrender value of any life insurance owned by the applicant or member (or their spouse) from Medicaid resource calculations, regardless of the face value of the policy. The second would increase the Medicaid resource limit to $2,000 per individual and $3,000 per couple. The bill requires the Massachusetts Division of Medical Assistance to submit a state plan amendment and promulgate regulations to implement these new resource exemptions within 30 days of the bill's effective date.