H.R. 5612 — Cost-of-Living Fairness Act

This section requires payments made by an individual for a covered insurance policy—which provides benefits to the individual or a household member—to be deducted from the individual's income and resources when determining eligibility for, or the amount or extent of, benefits or assistance under any federal program or any state or local program financed in whole or in part with federal funds. Covered insurance policies include (1) policies provided by an insurer for a passenger motor vehicle registered under state law to the individual or household member; (2) policies or products under state law insuring, guaranteeing, or indemnifying against liability, loss of life, loss of health, or property damage, available to the individual or household member as a homeowner or renter; and (3) flood insurance policies for the individual's principal residence issued under the National Flood Insurance Act of 1968, defined as private flood insurance under the Flood Disaster Protection Act of 1973, or designed to supplement either. The terms "insurer," "passenger motor vehicle," and "State" have the meanings given those terms in 49 U.S.C. 32101.