IL SB3416

Sets a $10,000 household asset limit for eligibility in KidCare and Covering ALL KIDS programs, excluding the value of the child's primary residence and one vehicle used for transportation (but not recreational vehicles).

Requires eligible individuals to report changes in income and other circumstances affecting eligibility within 30 days after the change occurs, replacing previous language about reporting "promptly" as determined by Department rules.

Directs the Department of Healthcare and Family Services to seek a federal waiver under the Patient Protection and Affordable Care Act to immediately implement the asset limits and reporting requirement changes.

Department must adopt rules necessary to implement these changes upon receipt of federal waiver approval.

Effective immediately upon enactment.