IL SB1566

Amends the Illinois Public Aid Code to require the Department of Healthcare and Family Services to disregard life insurance assets up to $200,000 when determining eligibility for home and community based services for persons 60 years of age or older.

Applies the asset disregard to income and asset eligibility requirements for home and community based services authorized under Section 1915(c) of the Social Security Act.

Requires the Department to submit a waiver or State Plan amendment application to the Centers for Medicare and Medicaid Services if federal approval is needed for the asset disregard.

Implementation of the asset disregard is contingent upon receiving federal approval from the Centers for Medicare and Medicaid Services.