Page 182

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

182 1. Definitions. The following definitions apply to transfers of assets without fair considerations: a. “Assets” include all income and resources of the individual and such individual's spouse, including any interest in income or a resource as well as all income or resources which the individual or such individual's spouse is entitled to but does not receive because of action by any of the following: i) The individual or such individual's spouse, ii) A person, a court, or administrative body with legal authority to act on behalf of the individual or such individual's spouse, or iii) Any person, court or administrative body acting at the direction of or upon the request of the individual or such individual's spouse. b. “Fair market value” is the value of the asset if sold at the prevailing price at the time it was transferred. c. “Fair consideration” is the amount the individual receives in exchange for the asset that is transferred, which is equal to or greater than the value of the transferred asset. d. “Look-back period” means the number of months prior to the month of application for long-term care services that the Department will consider for transfer of assets. e. “Penalty period” means a period of time for which an applicant or client will not be eligible to receive long-term care services. f. “Uncompensated value” shall mean the fair market value of an asset at the time of the transfer minus the value of compensation the individual receives in exchange for the asset. g. “Valuable consideration” shall mean what an individual receives in exchange for his or her right or interest in an asset which has a tangible