SECTION 1: Section 25 of chapter 118E is hereby amended by inserting after subsection (5) the following two subsections:-
(6) the cash surrender value of any life insurance owned by the applicant or member or his or her spouse without regard to the face value of the policy or policies;
(7) resources in the amount of $2000 per individual and $3000 per couple.
The division shall submit a state plan amendment to implement this section no later than 30 days after the effective date of this section and subsequently promulgate all regulations necessary to implement said resource exemptions.
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