MEDICAID-FUNERAL POLICY-EXEMPT

Amends the Medical Assistance Article of the Illinois Public Aid Code. Provides that in determining the assets of an individual applying for medical assistance, the Department of Healthcare and Family Services shall disregard the cash value of a life insurance policy or prepaid funeral and burial contract or the equity value of any other assets which are intended to be used to pay the funeral and burial expenses of the individual. Provides that if the asset disregard requires federal approval, the Department shall submit the necessary application to the Centers for Medicare and Medicaid Services for a waiver or State Plan amendment to implement the asset disregard. Provides that implementation of the asset disregard shall be contingent on federal approval of the waiver or State Plan amendment.