Budget Amendment ID: FY2025-S4-563

EHS 563

Asset Update for MassHealth Seniors

Messrs. DiDomenico, Eldridge, Brady, Timilty and Gomez, Ms. Miranda, Ms. Jehlen, Messrs. Payano, Crighton, O'Connor and Fattman, Ms. Edwards and Mr. Keenan moved that the proposed new text be amended by inserting after section ___ the following section: -

"SECTION ___. Section 25 of chapter 118E of the General Laws is hereby amended by inserting after subsection (5) the following:

(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.

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 income and resource exemptions.

(7) resources in the amount of $10,000 per individual and $15,000 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 income and resource exemptions.”