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Senate committee backs bill to exempt $25,000 of life insurance cash value from Medicaid eligibility calculations
Summary
The Senate Banking and Insurance Committee agreed to a committee substitute for Senate Bill 6 to exclude the first $25,000 of a life insurance policy's cash-surrender value or death benefit from Medicaid asset calculations and voted to report the measure to the full Senate, with a first referral to the Health and Human Resources Committee.
The Senate Banking and Insurance Committee on an unrecorded voice vote agreed to a committee substitute for Senate Bill 6 that would create a new section in the human resources code exempting the first $25,000 of the cash value or death benefit of a life insurance policy from Medicaid eligibility calculations.
Counsel told the committee the substitute "provides so that the first 25000 dollars of the cash value of a life insurance policy, or of the death benefit of a life insurance…
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