New Mexico Statutes 27-2-12.17. Qualified state long-term care insurance partnership program; establishment; rulemaking
A. Consistent with the federal act and subject to the appropriation and availability of federal and state funds, the secretary shall amend the state medicaid plan to establish a qualified state long-term care insurance partnership program pursuant to section 1917(b) of the federal act. The program shall:
Terms Used In New Mexico Statutes 27-2-12.17
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
- 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.
(1) provide incentives for an individual to obtain or maintain qualified insurance to cover the cost of long-term care; and
(2) provide a mechanism for an individual to qualify for medical assistance for institutional care or a medical assistance home- and community-based long-term care program on the basis of countable resources. Pursuant to the qualified state long-term care insurance partnership program:
(a) an individual who otherwise qualifies for medical assistance for institutional care or a medical assistance home- and community-based long-term care program shall qualify on the basis of countable resources when the individual is the beneficiary of a qualified insurance policy, insurance plan, certificate of insurance or rider; and
(b) for purposes of determining eligibility, the individual’s total countable resources shall be reduced by an amount equal to the qualified insurance benefits that are made to or on behalf of the individual.
B. The secretary shall consult with the superintendent of insurance in the adoption and promulgation of rules regarding the implementation and operation of the qualified state long-term care partnership insurance program. These rules shall provide for reciprocity with respect to individuals who have purchased qualified insurance in another state participating in a qualified state long-term care insurance partnership program and shall provide that the amount of that individual’s countable resources shall be disregarded with respect to that qualified insurance.
C. As used in this section:
(1) “qualified insurance” means an insurance policy, insurance plan, certificate of insurance or rider that the superintendent has certified as qualified long- term care partnership program insurance pursuant to Section 4 [59A-23A-12 N.M. Stat. Ann.] of this 2013 act; and
(2) “rider” means a long-term care coverage provision added to any type of insurance plan, insurance policy or certificate of insurance.