Senate Bill 252 introduces provisions for the establishment of independence accounts, allowing individuals to deposit up to $15,000 of their gross earnings into these accounts over a 12-month period. The bill mandates that the Department of Health Services (DHS) must exclude assets acquired by inheritance when assessing an individual's financial eligibility for Medical Assistance benefits under the Medical Assistance purchase plan. This plan is designed to support individuals with qualifying disabilities who are working or wish to work while maintaining their eligibility for necessary health services.
The bill creates a new section, 49.472 (3m), which outlines the rules for independence accounts, including the stipulation that the DHS must seek federal approval if required to implement any part of this subsection. The independence accounts are intended to help individuals save without jeopardizing their eligibility for Medical Assistance, as assets in these accounts are not counted towards the $15,000 asset limit for the Medical Assistance purchase plan.