Bill > H508

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, where the proceeds are used to directly pay for the owner's long-term care services, including home health care, assisted living, and nursing home services. The proceeds from the life settlement contract are not considered assets for Medicaid eligibility purposes, and Medicaid funds cannot be used until these proceeds are exhausted, except for a small portion reserved for final expenses. The bill also requires life settlement providers to maintain a surety bond or insurance, and allows the Departments of Insurance and Health and Human Services to adopt rules to implement the program.

Business and Industry, Health and Social Services

https://malegislature.gov/Bills/190/H508