KY HB314 | 2013 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on March 5 2013 - 50% progression, died in committee
Action: 2013-03-06 - returned to Committee on Committees (S)
Pending: Senate Committee on Committees Committee
Text: Latest bill text (Draft #2) [MS Word]
Status: Engrossed on March 5 2013 - 50% progression, died in committee
Action: 2013-03-06 - returned to Committee on Committees (S)
Pending: Senate Committee on Committees Committee
Text: Latest bill text (Draft #2) [MS Word]
Summary
Create a new section of KRS Chapter 205 to authorize the Cabinet for Health and Family Services to treat the value of life insurance owned by an applicant or recipient as an asset if the life insurance is in force and the applicant meets the state's requirements for nursing home or nursing facility level of care; provide that the value of the policy shall not be used to determine the applicant or recipient's eligibility for Medicaid if the applicant enters into a life settlement contract as prescribed by the section; provide that an owner of a life insurance policy in the face amount of at least ten thousand dollars ($10,000) may enter into a life settlement contract pursuant to KRS 304.15-700 to KRS 304.15-720 in exchange for periodic payments to the Medicaid program to be used solely for Medicaid coverage of long-term-care services for the owner of the policy; require that the life settlement contract provides that the lesser of five percent of the policy or five $5,000 is reserved as a death benefit, that the balance of payments unpaid at the owner's death be paid to the owner's estate or a named beneficiary, that a schedule be included evidencing the total amount and the number and amount of each payment, require that all proceeds of the contract be held in an irrevocable trust or federally insured account; require the life settlement provider to file all advertisements with the Department of Insurance; require the Department for Medicaid Services to provide written notice to each applicant for Medicaid as part of the application of the options to enter a life settlement contract; require the Department of Insurance to promulgate jurisdictionally appropriate administrative regulations to implement the section; and require the Department for Medicaid Services to seek any required state plan amendments or federal waivers; create a new section of KRS 304.15-700 to KRS 304.15-720 in the insurance code, relating to life settlements, to conform.
Title
AN ACT relating to treatment of a life insurance policy for Medicaid eligibility.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-03-06 | Senate | returned to Committee on Committees (S) |
| 2013-03-06 | Senate | 2nd reading |
| 2013-03-06 | Senate | taken from Committee on Committees (S) |
| 2013-03-05 | Senate | returned to Committee on Committees (S) |
| 2013-03-05 | Senate | 1st reading |
| 2013-03-05 | Senate | taken from Committee on Committees (S) |
| 2013-03-05 | Senate | received in Senate |
| 2013-03-04 | House | 3rd reading, passed 91-3 with Committee Substitute, floor amendments (4) and (6) |
| 2013-03-01 | House | floor amendment (6) filed to Committee Substitute, floor amendment (5) filed |
| 2013-02-27 | House | floor amendments (2) and (4) filed to Committee Substitute, floor amendments (1) and (3-title) filed |
| 2013-02-27 | House | posted for passage in the Regular Orders of the Day for Thursday, February 28, 2013 |
| 2013-02-26 | House | reported favorably, 2nd reading, to Rules with Committee Substitute |
| 2013-02-25 | House | returned to Health & Welfare (H) |
| 2013-02-25 | House | 1st reading |
| 2013-02-25 | House | taken from Health & Welfare (H) |
| 2013-02-19 | House | posted in committee |
| 2013-02-12 | House | to Health & Welfare (H) |
| 2013-02-11 | House | introduced in House |
