The proposed bill, known as "The Help for Low Income Seniors Act," aims to enhance financial eligibility for the Medicare savings program by removing asset limits and increasing income thresholds. Specifically, it mandates the Department of Health and Human Services to eliminate the resource test for eligibility and to establish income disregards that allow individuals with incomes up to 185% of the federal poverty level to qualify as qualified Medicare beneficiaries, while those with incomes between 185% and 250% can qualify as qualified individuals. The bill also requires the department to adopt relevant rules and submit necessary amendments to the state Medicaid plan to implement these changes.

In terms of fiscal impact, the bill is projected to result in an increase of approximately $14.3 million in general fund expenditures annually, as it will cover additional Medicare premiums and cost-sharing for an estimated 10,000 new beneficiaries. The funding for these expenses will be split evenly between general and federal funds. The bill does not provide new funding or positions but anticipates potential long-term savings for the Medicaid program by allowing more low-income individuals to remain in their homes rather than being institutionalized. The effective date of the act is set for 60 days after its passage.