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: a. is a beneficiary of a Long-Term Care Partnership Program approved policy, and b. has exhausted the benefits of such policy. 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.
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