Texas Human Resources Code
§ 32.02613 — LIFE INSURANCE ASSETS; LIFE INSURANCE POLICY CONVERSION
HR § 32.02613Title 2. HUMAN SERVICES AND PROTECTIVE SERVICES IN GENERAL · Part C. ASSISTANCE PROGRAMS · Ch. 32. MEDICAL ASSISTANCE PROGRAM · Art. B. ADMINISTRATIVE PROVISIONS
Statute text
View on source(a)For purposes of this section, "long-term care services and support" includes home health care, assisted living, and nursing facility services.
(b)The owner of a life insurance policy with a face amount of more than $10,000 may enter into a life settlement contract under Chapter 1111A, Insurance Code, for the benefit of a recipient of long-term care services and support in exchange for direct payments to:
(1)a health care provider for the provision of those services to that recipient; or
(2)the state to offset the costs of providing those services to that recipient under the medical assistance program.
(c)The proceeds of a life settlement contract entered into under this section must be used for the payment of long-term care services and support, except for the amount specified in Subsection (d)(1). To the extent feasible and allowed under federal law, the medical assistance program may act only as the secondary payor for long-term care services and support provided to a person who is eligible for medical assistance and for whose benefit an owner of a life insurance policy has entered into a life settlement contract under this section.
(d)In addition to the requirements under Chapter 1111A, Insurance Code, a life settlement contract entered into under this section must:
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Legislative history
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 4.091, eff. April 2, 2015.