FL S0794

Allows the Department of Children and Families to exclude life insurance policy value from Medicaid eligibility calculations if the applicant names the state as an irrevocable beneficiary, collaterally assigns the policy to the state, or irrevocably assigns ownership to the state.

Permits the Agency for Health Care Administration to use Medicaid funds to pay life insurance premiums and related costs for applicants or recipients who meet nursing home level of care and comply with state beneficiary or assignment requirements.

Prohibits sale, assignment, or transfer of ownership of any life insurance policy where the state is named as beneficiary or holds a collateral assignment.

Allows life insurance policy owners with policies exceeding $10,000 face value to enter into viatical settlement contracts with health care providers to fund Medicaid long-term care services, with reserves of 5 percent or $5,000 payable to the viator's estate or beneficiary.

Requires the Office of Insurance Regulation to approve viatical settlement marketing materials, actuarial data, and pricing methodologies, and to conduct periodic market examinations and financial audits of viatical settlement providers.