Section 12-15-3-7 - Effect of certain applicants' assignment of life insurance benefits to state on applicants' Medicaid eligibility(a) As used in this section, "value" includes the following: (1) The face value of a life insurance policy.(2) The cash value of a life insurance policy.(b) The value of a life insurance policy that is in force and owned by an applicant or a recipient who is at least fifty-five (55) years of age or permanently institutionalized may not be considered as a resource in determining the applicant's or recipient's eligibility for Medicaid if the applicant or recipient:(1) makes an irrevocable election to name the state as a beneficiary of the life insurance policy for an amount that is not greater than: (A) Medicaid benefits provided to the recipient under IC 12-15-5 or IC 12-14-17; plus(B) premiums or expenses paid by the office to the insurer that issued the life insurance policy; or(2) collaterally assigned the life insurance policy to the state under a written agreement submitted to and recorded by the insurer that issued the life insurance policy.(c) Any designation of the state as an irrevocable beneficiary or any collateral assignment in favor of the state is void if the application for Medicaid benefits is not approved.Added by P.L. 196-2011, SEC. 7, eff. 7/1/2011.