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IC 12-15-3-0.5
Applicability of chapter
Sec. 0.5. This chapter does not apply to an individual participating
in the Medicaid buy-in program beginning July 1, 2002, established
under IC 12-15-41.
As added by P.L.287-2001, SEC.7.
IC 12-15-3-1
Medical assistance to aged, blind, or disabled; total cash value of
money, stock, bonds, and life insurance owned by applicant or
applicant and spouse; limitations
Sec. 1. (a) Except as provided in subsections (b) and (c) and
section 7 of this chapter, an applicant for or recipient of Medicaid is
ineligible for assistance if the total cash value of money, stock,
bonds, and life insurance owned by:
(1) the applicant or recipient is more than one thousand five
hundred dollars ($1,500) for assistance to the aged, blind, or
disabled; or
(2) the applicant or recipient and the applicant's or recipient's
spouse is more than two thousand two hundred fifty dollars
($2,250) for medical assistance to the aged, blind, or disabled.
(b) In the case of an applicant who is an eligible individual, a
Holocaust victim's settlement payment received by the applicant or
the applicant's spouse may not be considered when calculating the
total cash value of money, stock, bonds, and life insurance owned by
the applicant or the applicant's spouse.
(c) In the case of an individual who:
(1) resides in a nursing facility or another medical institution;
and
(2) has a spouse who does not reside in a nursing facility or
another medical institution;
the total cash value of money, stock, bonds, and life insurance that
may be owned by the couple to be eligible for the program is
determined under IC 12-15-2-24.
As added by P.L.2-1992, SEC.9. Amended by P.L.128-1999, SEC.21;
P.L.246-2005, SEC.104; P.L.196-2011, SEC.3.
IC 12-15-3-2
Parent of applicant for or recipient of assistance to blind or
disabled who is less than 18 years of age; ownership of money,
stock, bonds, and life insurance; total cash value limitation
Sec. 2. (a) Except as provided in section 7 of this chapter, if the
parent of an applicant for or a recipient of assistance to the blind or
disabled who is less than eighteen (18) years of age owns money,
stock, bonds, and life insurance whose total cash value is more than
one thousand five hundred dollars ($1,500), the amount of the excess
shall be added to the total cash value of money, stock, bonds, and life
insurance owned by the applicant or recipient to determine the
recipient's eligibility for Medicaid under section 1 of this chapter.
(b) However, a Holocaust victim's settlement payment received by
the parent of an applicant for or a recipient of assistance may not be
added to the total cash value of money, stock, bonds, and life
insurance owned by the applicant or recipient to determine the
recipient's eligibility for Medicaid under section 1 of this chapter.
As added by P.L.2-1992, SEC.9. Amended by P.L.128-1999, SEC.22;
P.L.196-2011, SEC.4.
IC 12-15-3-3
Parents of applicant for or recipient of assistance to blind or
disabled who is less than 18 years of age; ownership of money,
stock, bonds, and life insurance; total cash value limitation
Sec. 3. Except as provided in section 7 of this chapter, if the
parents of an applicant for or a recipient of assistance to the blind or
disabled who is less than eighteen (18) years of age own money,
stock, bonds, and life insurance whose total cash value is more than
two thousand two hundred fifty dollars ($2,250), the amount of the
excess shall be added to the total cash value of money, stock, bonds,
and life insurance owned by the applicant or recipient to determine
the recipient's eligibility for Medicaid under section 1 of this chapter.
As added by P.L.2-1992, SEC.9. Amended by P.L.196-2011, SEC.5.
IC 12-15-3-4
Total cash value limitations on ownership of money, stock, bonds,
and life insurance; parent and parents defined
Sec. 4. For purposes of sections 2 and 3 of this chapter, except for
an applicant or a recipient who is determined to be eligible for home
and community based services under 42 U.S.C. 1396 et seq., the
applicant's or recipient's parent or parents are the parent or parents
with whom the applicant or recipient resides.
As added by P.L.2-1992, SEC.9.
IC 12-15-3-5
Limitation on total cash value of money, stocks, bonds, and life
insurance owned by applicants or recipients not described in
IC 12-15-3-1
Sec. 5. Except as provided in section 7 of this chapter, the office
may set the total cash value of money, stock, bonds, and life
insurance that an applicant for or a recipient of Medicaid may own
without being ineligible for Medicaid in cases not described in
section 1 of this chapter.
As added by P.L.2-1992, SEC.9. Amended by P.L.196-2011, SEC.6.
IC 12-15-3-6
Purchase of qualified long term care insurance policy; computation
under this chapter
Sec. 6. A computation under this chapter concerning an individual
who purchases a qualified long term care insurance policy under
IC 12-15-39.6 must take into consideration the asset disregard
established under IC 12-15-39.6-10.
As added by P.L.2-1992, SEC.9. Amended by P.L.24-1997, SEC.47;
P.L.1-2006, SEC.187.
IC 12-15-3-7
Effect of certain applicants' assignment of life insurance benefits
to state on applicants' Medicaid eligibility
Sec. 7. (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.
As added by P.L.196-2011, SEC.7.