Iowa Code 514H.5 – Asset disregard adjustment
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Terms Used In Iowa Code 514H.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
514H.5 Asset disregard adjustment.
1. As used in this section, “”asset disregard”” means a one dollar increase in the amount
of assets an individual who is the beneficiary of a qualified long-term care insurance policy and meets the requirements of § 514H.3 may retain under § 249A.35 for each one dollar of benefit paid out under the individual’s qualified long-term care insurance policy for qualified long-term care services.
2. When the department of health and human services determines whether an individual is eligible for medical assistance under chapter 249A, the department shall make an asset disregard adjustment for any individual who meets the requirements of § 514H.3. The asset disregard shall be available after benefits of the qualified long-term care insurance policy have been applied to the cost of qualified long-term care services as required under this chapter.
2005 Acts, ch 166, §6, 13; 2009 Acts, ch 145, §18; 2023 Acts, ch 19, §1206
Referred to in §249A.35, 514H.3, 514H.6, 514H.7, 514H.8
Subsection 2 amended
1. As used in this section, “”asset disregard”” means a one dollar increase in the amount
of assets an individual who is the beneficiary of a qualified long-term care insurance policy and meets the requirements of § 514H.3 may retain under § 249A.35 for each one dollar of benefit paid out under the individual’s qualified long-term care insurance policy for qualified long-term care services.
2. When the department of health and human services determines whether an individual is eligible for medical assistance under chapter 249A, the department shall make an asset disregard adjustment for any individual who meets the requirements of § 514H.3. The asset disregard shall be available after benefits of the qualified long-term care insurance policy have been applied to the cost of qualified long-term care services as required under this chapter.
2005 Acts, ch 166, §6, 13; 2009 Acts, ch 145, §18; 2023 Acts, ch 19, §1206
Referred to in §249A.35, 514H.3, 514H.6, 514H.7, 514H.8
Subsection 2 amended