MEDICAID-LONG TERM CARE INSUR

Amends the Illinois Public Aid Code. Provides that an individual's assets to be disregarded in determining eligibility for Medicaid include the assets the individual owns at the time the individual applies for Medicaid if (i) the individual is the beneficiary of a qualified long-term care insurance policy that provides maximum benefits of at least $200,000 and includes a provision under which the daily benefit increases by at least 5% per year beginning January 1, 2006, compounded at least annually, and (ii) the individual has exhausted the policy's benefits.