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 and implement income disregards, allowing 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% will qualify as qualified individuals. The bill also requires the department to adopt relevant rules and submit necessary amendments to the state Medicaid plan to comply with these changes.

The fiscal impact of the bill is significant, with an estimated increase of approximately $14.3 million in general fund expenditures annually to cover additional Medicare premiums and cost-sharing for an expected 10,000 new beneficiaries. The Department anticipates that these changes will help lower-income individuals remain in their homes rather than seeking institutional care, potentially leading to future cost savings for the Medicaid program. The bill does not provide new funding or positions but outlines the necessary steps for implementation, with an effective date set for 60 days after passage.