SB 15 - This act establishes the Missouri Long-Term Care Partnership Program and provides that the Department of Social Services shall, in conjunction with the Department of Insurance, Financial Institutions and Professional Registration, coordinate the program so that private insurance and Medicaid funds shall be used to finance long-term care.
Under such a program, an individual may purchase a qualified long-term care partnership approved policy in accordance with the requirements of the Federal Deficit Reduction Act of 2005 to provide a mechanism for individuals to qualify for coverage of the cost of the individual's long-term care needs under the state Medicaid program without first being required to substantially exhaust his or her resources. Individuals seeking to qualify for Medicaid are permitted to retain assets equal to the dollar amount of qualified long-term care partnership insurance benefits received beyond the level of assets otherwise permitted to be retained under the state’s Medicaid plan.
The Department of Insurance, Financial Institutions and Professional Registration may certify qualified state long-term care insurance partnership policies that meet the applicable provisions of the National Association of Insurance Commissioners (NAIC) Long-Term Care Insurance Model Act and Regulation as specified in the Federal Deficit Reduction Act of 2005. In addition, the department shall develop requirements regarding training for those who sell qualified long-term care partnership policies.
The issuers of qualified long-term care partnership policies in this state shall provide regular reports to both the Secretary of the federal Department of Health and Human Services and to the Departments of Social Services and Insurance, Financial Institutions and Professional Registration.
The Departments of Social Services and Insurance, Financial Institutions and Professional Registration shall promulgate rules to implement the provisions of this act.
This act repeals sections 660.546 to 660.557, RSMo, relating to a similar long-term care partnership program but that was never approved by federal law.
This act has a six-year sunset provision.
This act is similar to SCS/SB 918 (2006).