28-6-38. South Dakota long-term care partnership program established. The Department of Social Services shall establish the South Dakota long-term care partnership program. The program shall include the following components:

(1) Incentives for an individual to obtain insurance to cover the costs of long-term care;

(2) Standards for long-term care insurance policies for designation as approved long-term care partnership program policies. The Division of Insurance shall assist in ensuring that these standards are appropriate. Any insurer offering any long-term care partnership program policy shall file the policy and any advertisements with the Division of Insurance in accordance with the applicable requirements of Title 58 and subject to the standards set by the Department of Social Services;

(3) A mechanism to qualify for coverage of the costs of long-term care needs under medicaid without first being required to substantially exhaust his or her resources, including a reduction of the individual's asset valuation by one dollar for each one dollar of benefits paid out under the individual's approved long-term care partnership program policy as a determination of medicaid eligibility;

(4) Inflation protection as provided by federal law;

(5) Asset protection up to the maximum as provided by federal law;

(6) Distribution of information regarding long-term care partnership plan policies to individuals through insurance companies offering approved partnership policies. The department shall approve the information before its distribution; and

(7) Encouraging the pursuit of private initiatives to alleviate the financial burden on the state's medical assistance program. (Pursuant to SL 2006, ch 149, § 4, this section becomes effective upon passage of an amendment to section 1917 (b)(1)(C) of the Social Security Act by the United States Congress that authorizes the establishment of a long-term care partnership program.)Source: SL 2006, ch 149, § 2.