SB 1300 Prohibits the sheltering of certain assets by individuals in long-term care facilities
Sponsor:Loudon
LR Number:4426S.06I Fiscal Note:4426-06
Committee:Small Business, Insurance & Industrial Relations
Last Action:03/01/04 - Second Read and Referred S Small Business, Insurance Journal page:S498
and Industrial Relations Committee
Title:
Effective Date:August 28, 2004
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Current Bill Summary

SB 1300 - This act prohibits the sheltering of certain assets by individuals in long-term care facilities.

Assets used for the purchase of an annuity shall be treated by the Department of Social Services as an available resource unless:

-the annuity was purchased more the 5 years prior to the individual entering a long-term care facility; or

-the annuity is actuarially sound as measured against the Social Security Administration Life Expectancy Tables; and

-the annuity provides equal payments for its' duration; and

-the annuity provides Missouri with secondary or contingent beneficiary status in an amount equal to the medicaid expenditure made on the individual's behalf.

The Department shall have rule-making authority to implement this act.

In addition, the Department is required to enforce TEFRA liens on permanently institutionalized individuals, who the Department determines cannot reasonably be expected to be discharged and returned home.
LORIE TOWE