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MEDICAL SERVICES POLICY MANUAL, SECTION E

E-530 Treatment of Resource Changes

She also owns a policy on her granddaughter, Mary, with a FV of $1500 and a CSV of $150. The CSV of this policy is excluded as a resource to Mrs. Lambert because the total FV of Mary’s policy is $1500 or less. Example: Mr. Coleman, an individual with a disability, owns two life insurance policies on himself and two on his son. The two policies on himself have the following values: $2000 FV with $157 CSV and $4000 FV with $987 CSV. Because the total combined FV ($6000) of the two policies exceed $1500, the CSV of the policies must be counted as a resource. If he provides a written statement that the insurance policies are intended to cover burial expenses, the CSV of such policies may be designated as a burial fund. He also owns two policies on his son, Logan, with the following values: $1000 FV with $99 CSV and $500 FV with $245 CSV. The CSV of these policies is excluded as a resource to Mr. Coleman because the total combined FV ($1500) of Logan’s policies is $1500 or less. Most Whole Life policies come with a CSV chart which can be used to determine value. If the CSV cannot be determined from a chart provided with the policy or other available evidence, secure a DHS-81 from the client, and contact the insurance company to determine value. Any outstanding loans made against a policy’s CSV will be deducted. 3. Household Goods and Personal Effects Exclude household goods and personal effects from resources regardless of their dollar value. The resource exclusion for household goods and personal effects does not have a dollar limit. Household goods and personal effects will not be counted as a resource in determining an individual’s eligibility. 4. Income Producing Non-home Property (Personal Property) For the consideration of personal property used in conjunction with a trade or business, with employment, or with production of goods or services essential to daily activities, refer to MS E-516. 5. Burial Spaces and Funds a. Burial Spaces