To be eligible for the program, an individual must have been a resident of this state when the long-term care insurance policy was issued, and the policy must satisfy all of the following criteria: 1.
(1)#
The policy was not issued before the date specified in the amendment to the state plan, which may not be before the first day of the calendar quarter in which the amendment is submitted to the federal department of health and human services.
(2)#
The policy meets the definition of a qualified long-term care insurance policy under 26 USC 7702B (b).
(3)#
The policy meets the long-term care insurance model regulations and the requirements of the long-term care insurance model act promulgated by the National Association of Insurance Commissioners that are specified in 42 USC 1396p (b) (5).
(4)#
The policy includes the applicable inflation protection specified in 42 USC 1396p (b) (1) (C) (iii) (IV).
(5)#
The commissioner of insurance certifies to the department that the policy meets the criteria under subds. 2. to 4.