As used in the Oklahoma Long-Term Care Partnership Act, unless the context clearly indicates otherwise:
1. “Asset disregard” means the total assets an individual owns and may retain upon application for the state Medicaid program and still qualify for benefits if the individual:
Asset disregard is increased by One Dollar ($1.00) for each One Dollar ($1.00) of benefit paid out under the individual’s long-term insurance policy if the individual purchased the policy through the Oklahoma Long-Term Care Partnership Program;
2. “Authority” means the Oklahoma Health Care Authority;
3. “State Medicaid program” means the federal medical assistance program established under Title XIX of the Social Security Act; and
4. “Oklahoma Long-Term Care Partnership Program approved policy” means a long-term care insurance policy that is approved by the Insurance Department and provided through state-approved long-term care insurers through the Oklahoma Long-Term Care Partnership Program.
Added by Laws 2004, c. 283, § 2.