FL H0535

Creates section 409.995 of Florida Statutes to allow life insurance policies owned by Medicaid applicants meeting nursing home level of care to be excluded from resource calculations if the state is named as irrevocable beneficiary, has a collateral assignment, or receives irrevocable assignment of ownership.

Authorizes the Agency for Health Care Administration to use federal or state Medicaid funds to pay life insurance premiums and related costs for applicants meeting nursing home level of care and meeting specified beneficiary designation requirements.

Prohibits sale, assignment, or transfer of life insurance policies where the state is an irrevocable beneficiary or has a collateral assignment, with proceeds exceeding Medicaid benefits paid to applicant-named beneficiaries upon death.

Allows life insurance policy owners with face value exceeding $10,000 to enter viatical settlement contracts with health care providers for Medicaid long-term care services, requiring contract terms including minimum death benefits and irrevocable account funding.

Requires viatical settlement providers to file marketing materials and pricing methodologies with the Office of Insurance Regulation for approval and subjects providers to periodic market examinations and financial audits; effective July 1, 2013.