§ 12-15-39.8-3 — "Qualified long term care insurance policy"

Indiana § 12-15-39.8-3

• Jurisdiction: Indiana
• Art. 15: MEDICAID
• Ch. 39.8: Long Term Care Insurance Partnership Program

Text

As used in this chapter, "qualified long term
care insurance policy" means an insurance policy that meets the
following requirements:
(1) The policy covers an individual who was a resident of the state
when the coverage first became effective under the policy.
(2) The policy was not issued before the effective date of the state
plan amendment applied for under IC 12-15-1.3-22.
(3) The policy meets the definition of a qualified long term care
insurance contract under 26 U.S.C. 7702B.
(4) The policy meets the model regulations and requirements of
the model act of the National Association of Insurance
Commissioners provided in 42 U.S.C. 1396p(b)(5).
(5) The policy includes inflation protection as follows:
(A) If the policy is sold to an individual who was less than
sixty-one (61) years of age as of the date of purchase, the policy
must provide compound inflation protection.
(B) If the policy is sold to an individual who was at least
sixty-one (61) years of age but less than seventy-six (76) years
of age as of the date of purchase, the policy must provide some
level of inflation protection.
(C) If the policy is sold to an individual who is at least
seventy-six (76) years of age, the policy may, but is not required
to, provide some level of inflation protection.
(6) The department of insurance certifies that the policy meets the
requirements of subdivisions (3), (4), and (5).

Legislative History

As added by P.L.196-2021, SEC.6.