(a)As used in this act:
(i)"Agency" means the department of health;
(ii)"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 behalf of an individual who is a
beneficiary under a qualified long-term care insurance
partnership policy;
(iii)"Department" means the department of insurance;
(iv)"Medicaid" means the program administered by the
state pursuant to the Wyoming Medical Assistance and Services
Act and this act and partly funded by the federal government
pursuant to title XIX of the federal Social Security Act;
(v)"Qualified long-term care insurance partnership
policy" means a policy that meets all of the following
requirements:
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(a) As used in this act:
(i) "Agency" means the department of health;
(ii) "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 behalf of an individual who is a
beneficiary under a qualified long-term care insurance
partnership policy;
(iii) "Department" means the department of insurance;
(iv) "Medicaid" means the program administered by the
state pursuant to the Wyoming Medical Assistance and Services
Act and this act and partly funded by the federal government
pursuant to title XIX of the federal Social Security Act;
(v) "Qualified long-term care insurance partnership
policy" means a policy that meets all of the following
requirements:
(A) The policy covers an insured who was a
resident of Wyoming when coverage first became effective under
the policy;
(B) The policy is a qualified long-term care
insurance 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;
(C) The director of the department certifies
that the policy meets the model regulations and requirements 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
(D) If the policy is sold to an individual who:
(I) Has not attained age sixty-one (61) as
of the date of purchase, the policy provides compound annual
inflation protection;
(II) Has attained age sixty-one (61) but
has not attained age seventy-six (76) as of such date, the
policy provides some level of inflation protection; or
(III) Has attained age seventy-six (76) as
of such date, the policy may, but is not required to, provide
some level of inflation protection.
(vi) "State plan amendment" means a state Medicaid
plan amendment made with the approval of 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 behalf of an individual
who is a beneficiary under a qualified long-term care insurance
partnership policy.