Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 39 - Long-term Care Insurance › Rule 191-39.77 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this division, the definitions in Iowa Code
				  chapter 514H and rule 191"39.4(514G) shall apply. In addition, the following
				  definitions shall apply:
"Asset disregard"
means, with regard to the
				  state's Medicaid program, disregarding assets in an amount equal to the
				  insurance benefit payments that are made to or on behalf of an individual who
				  is a beneficiary under a qualified long-term care partnership policy.
"Division"
means the Iowa insurance
				  division.
"Iowa long-term care partnership policy"
or
"partnership policy"
means an insurance policy that meets the
				  following requirements:
1. The policy
				covers an insured who, when coverage first became effective under the policy,
				was a resident of Iowa or was an individual eligible under subrule
				39.78(2).
2. The policy is a
				qualified long-term care insurance policy as defined in Section 7702B(b) of the
				Internal Revenue Code of 1986 and was issued no earlier than January 1,
				2010.
3. The policy meets all of
				the applicable requirements of this chapter and Iowa Code chapter
				514H.
4. The division has certified
				the policy as meeting the requirements of the following: Section 1917(b) of the
				Social Security Act,
				42
				U.S.C. 1396p; Section 6021 of the federal
				Deficit Reduction Act of 2005,
				Public
				Law 109-171; and any applicable federal
				regulations or guidelines.
5. The
				policy provides the following inflation protections:
* For a person who is less than 61 years of age as of the
				  date of purchase of the policy or date of issuance of the certificate, the
				  policy provides either annual compounded inflation protection of not less than
				  3 percent or annual compounded inflation protection of not less than a rate
				  based on changes in the consumer price index. "Consumer price index" means
				  consumer price index for all urban consumers, U.S. city average, all items, as
				  determined by the Bureau of Labor Statistics of the United States Department of
				  Labor.
* For a person who is at least 61 years of age but less than
				  76 years of age as of the date of purchase of the policy or date of issuance of
				  the certificate, the policy provides either an inflation feature that meets the
				  requirements of this definition, paragraph "5," first bulleted paragraph, or an
				  automatic inflation feature that provides annual simple inflation increases at
				  a rate of not less than 3 percent.
* For a person who is at least 76 years of age as of the date
				  of purchase of the policy or date of issuance of the certificate, an inflation
				  protection feature may be included in the policy but is not required.
"Long-term care partnership program"
means a
				  qualified state long-term care insurance partnership as defined in Section
				  1917(b) of the Social Security Act,
				  42
				  U.S.C. 1396p; Section 6021 of the federal
				  Deficit Reduction Act of 2005,
				  Public
				  Law 109-171; and Iowa Code chapter 514H as amended
				  by 2009 Iowa Acts, House File 723.
"Medicaid"
means the program of medical
				  assistance operated by the Iowa department of human services under Title XIX of
				  the federal Social Security Act,
				  42 U.S.C.
				  1396 et seq., and amendments
				  thereto.