Illinois Compiled Statutes 215 ILCS 132/10 – Definitions
Current as of: 2024 | Check for updates
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As used in this Act:
“Agency” means the Department of Healthcare and Family Services.
“Asset disregard” means, with respect to qualification for State Medicaid benefits, the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on the behalf of an individual who is a beneficiary under a qualified long-term care insurance partnership policy.
“Department” means the Department of Financial and Professional Regulation.
“Medicaid” means the federal medical assistance program established under Title XIX of the Social Security Act.
“Qualified long-term care insurance partnership policy” means a policy that meets all of the following requirements:
(1) it covers an insured who was a resident of
“Agency” means the Department of Healthcare and Family Services.
Terms Used In Illinois Compiled Statutes 215 ILCS 132/10
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Asset disregard” means, with respect to qualification for State Medicaid benefits, the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on the behalf of an individual who is a beneficiary under a qualified long-term care insurance partnership policy.
“Department” means the Department of Financial and Professional Regulation.
“Medicaid” means the federal medical assistance program established under Title XIX of the Social Security Act.
“Qualified long-term care insurance partnership policy” means a policy that meets all of the following requirements:
(1) it covers an insured who was a resident of
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Illinois when coverage first became effective under the policy;
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(2) it is a qualified long-term care insurance
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policy as defined in Section 7702B(b) of the Internal Revenue Code of 1986 issued not earlier than the effective date of the State plan amendment;
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(3) it meets the model regulations and requirements
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of the National Association of Insurance Commissioners model specified in paragraph (5) of Title VI, Section 6021 of the federal Deficit Reduction Act of 2005, and the Director of the Division of Insurance of the Department certifies it as meeting these requirements; and
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(4) if the policy is sold to an individual who:
(A) has not attained age 61 as of the date of
(A) has not attained age 61 as of the date of
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purchase, the policy provides compound annual inflation protection;
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(B) has attained age 61 but has not attained age
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76 as of such date, the policy provides some level of inflation protection; or
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(C) has attained age 76 as of such date, the
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policy may, but is not required to, provide some level of inflation protection.
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“State plan amendment” means a State Medicaid plan amendment made to the federal Department of Health and Human Services that provides for the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on the behalf of an individual who is a beneficiary under a qualified long-term care insurance partnership policy.