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MEDICAL SERVICES POLICY MANUAL, SECTION E
E 522 Determining Value of Personal Property
considered to be unearned income. An amortization schedule may be necessary to determine interest income. Documentation in the electronic case record will be made to indicate a note’s resource value and how it was determined.
5. Mortgage - A mortgage is a pledge of a particular property to a creditor as security for the payment of a debt (or the performance of some other obligation) within a prescribed time period.
Generally, a mortgage can be sold or discounted like a promissory note. Determination of the value and salability of a mortgage is made in the same manner used for promissory notes.
6. Stock - Shares of stock represent ownership in a corporation. Stock value is determined by the closing price at the time of application or redetermination. Individuals who own stock must provide either the stock certificate for verification of ownership or a copy of the most recent account statement, if the stock is held by a securities firm. Verification of stock value may be made by consulting one of the following free web sites: • www.nyse.com (New York Stock Exchange) • www.nasdaq.com
The financial section of a newspaper for stock that is listed on either the New York or American Stock Exchange may also be used to obtain a stock’s value. Closing price is used. For stock not listed on either exchange that is traded “over the counter”, the “bid” price for the stock is used to determine market value. If “bid” prices for “over the counter” stock are not listed in the newspaper, contact will be made with a local securities firm to verify value. Documentation of ownership and value will be entered in the case narrative.