Okla. Stat. tit. 63 § 1-1955.2

Current through Laws 2024, c. 135.

Section 1-1955.2 - Definitions

As used in the Oklahoma Long-Term Care Partnership Act, unless the context clearly indicates otherwise:

1. "Asset disregard" means the total assets an individual owns and may retain upon application for the state Medicaid program and still qualify for benefits if the individual:

a. is a beneficiary of a Long-Term Care Partnership Program approved policy, and

b. has exhausted the benefits of such policy.

Asset disregard is increased by One Dollar ($1.00) for each One Dollar ($1.00) of benefit paid out under the individual's long-term insurance policy if the individual purchased the policy through the Oklahoma Long-Term Care Partnership Program;

2. "Authority" means the Oklahoma Health Care Authority;

3. "State Medicaid program" means the federal medical assistance program established under Title XIX of the Social Security Act; and

4. "Oklahoma Long-Term Care Partnership Program approved policy" means a long-term care insurance policy that is approved by the Insurance Department and provided through state-approved long-term care insurers through the Oklahoma Long-Term Care Partnership Program.

Okla. Stat. tit. 63, § 1-1955.2

Added by Laws 2004, SB 1547, c. 283, §2, effective sixty (60) days from the date of Congressional repeal of the restrictions to asset protection contained in the federal Omnibus Budget Reconciliation Act of 1993, Public Law 103-66, 107 Stat. 312.