This bill requires all states to conduct asset verification for everyone applying for or receiving Medicaid, not just elderly, blind, or disabled individuals. Currently, only certain categories of Medicaid applicants must undergo asset testing, but this legislation expands that requirement universally across all states and territories. The bill establishes a one-year implementation period during which states must develop and submit plans for electronic asset verification systems, with the actual requirement taking effect two years after the law is enacted. Additionally, the bill requires states to implement resource eligibility tests based on Supplemental Security Income limits and mandates that the Centers for Medicare and Medicaid Services create a federal tracking system to monitor savings from asset verification. States must also report annually on their asset verification activities and eligibility determinations, with the federal government able to enforce compliance through corrective action plans for states that fail to meet these new requirements.