CO SB207

Asset transfers by individuals age 65 or older to pooled trusts do not constitute transfers without fair consideration under Medicaid rules.

The Department of Health Care Policy and Financing shall not delay medical assistance eligibility or penalize individuals for entering into agreements to transfer assets to pooled trusts if an actuarially sound spending plan is submitted.

Pooled trust trustees may update spending plans based on changed circumstances as long as the plan remains actuarially sound.

"Actuarially sound spending plan" is defined as a plan with reasonable expectation that trust assets will be consumed during the individual's expected lifetime, as determined by the federal Social Security Administration actuarial life table.

The Medical Services Board must promulgate implementation rules by October 1, 2014, and the act takes effect July 1, 2014.