32.1-325.01 - Certain term life insurance considered resources. - Virginia Statutes

§ 32.1-325.01. Certain term life insurance considered resources.

When making eligibility determinations for institutional or community-basedcare to be paid for by the Department, the Department shall consider as anuncompensated transfer all resources that are used by an applicant topurchase any term life insurance policy that does not have a benefit payableat death that will equal or exceed twice the sum of all premiums paid forsuch policy if such policy was purchased within thirty months prior to thedate of application for assistance.

The provisions of this section shall not apply to term life insurancepolicies for pre-need funerals pursuant to § 54.1-2820, except that anybenefits paid under such policy in excess of such actual expenses shall besubject to recovery by the Department of Medical Assistance Services forMedicaid payments made on behalf of the deceased insured. The provisions ofthis section shall not apply to any term life insurance policies purchasedprior to the effective date of this law.

(1993, c. 990.)