Kentucky Statutes 304.14-640 – Definitions for KRS 205.619 and 304.14-640 to 304.14-644
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As used in KRS § 205.619 and KRS § 304.14-640 to 304.14-644, unless the context requires otherwise:
(1) “Asset disregard” means a one dollar ($1) increase in the amount of assets the policyholder may own and retain for each one dollar ($1) of benefit paid under a long-term care partnership insurance policy qualified under KRS § 205.619 and
304.14-640 to 304.14-644 when the policyholder applies for benefits of the
Medicaid program;
(2) “Kentucky Long-Term Care Partnership Insurance Program” means a joint Kentucky Medicaid and private long-term care insurance program established by KRS § 205.619 and KRS § 304.14-640 to 304.14-644 that incorporates asset disregard and exempts a policyholder from estate recovery requirements of the Medicaid program up to the amount of the asset disregard if the policyholder receives Medicaid benefits while or after accessing the benefits of the qualified long-term care partnership policy;
(3) “Long-term care” means necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services, provided in a setting other than an acute care unit of a hospital unless the hospital or unit is licensed or certified to provide long-term care services; and
(4) “Long-term care partnership insurance” means insurance coverage or an insurance policy that meets the requirements of KRS § 304.14-642. Long-term care partnership insurance benefits shall not include payment of coinsurance, deductibles, or premiums for services covered by other insurance policies, services covered by other insurance policies, or services covered by Parts A, B, or D of the Medicare program specified by 42 U.S.C. § 1395 et seq.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 16, sec. 1, effective July 15, 2008.
(1) “Asset disregard” means a one dollar ($1) increase in the amount of assets the policyholder may own and retain for each one dollar ($1) of benefit paid under a long-term care partnership insurance policy qualified under KRS § 205.619 and
Terms Used In Kentucky Statutes 304.14-640
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
304.14-640 to 304.14-644 when the policyholder applies for benefits of the
Medicaid program;
(2) “Kentucky Long-Term Care Partnership Insurance Program” means a joint Kentucky Medicaid and private long-term care insurance program established by KRS § 205.619 and KRS § 304.14-640 to 304.14-644 that incorporates asset disregard and exempts a policyholder from estate recovery requirements of the Medicaid program up to the amount of the asset disregard if the policyholder receives Medicaid benefits while or after accessing the benefits of the qualified long-term care partnership policy;
(3) “Long-term care” means necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services, provided in a setting other than an acute care unit of a hospital unless the hospital or unit is licensed or certified to provide long-term care services; and
(4) “Long-term care partnership insurance” means insurance coverage or an insurance policy that meets the requirements of KRS § 304.14-642. Long-term care partnership insurance benefits shall not include payment of coinsurance, deductibles, or premiums for services covered by other insurance policies, services covered by other insurance policies, or services covered by Parts A, B, or D of the Medicare program specified by 42 U.S.C. § 1395 et seq.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 16, sec. 1, effective July 15, 2008.