IL SB3077

Amends the Illinois Public Aid Code to disregard the cash value of life insurance policies and prepaid funeral and burial contracts when determining assets for medical assistance eligibility.

Requires the Department of Healthcare and Family Services to exclude the equity value of any assets intended to be used for the applicant's funeral and burial expenses from asset calculations.

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

Makes implementation of the asset disregard contingent on receiving federal approval of the requested waiver or State Plan amendment.