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Chapter: 1600 Assets Program: MSSI, SFP 15

1640.0410.01 Excluded Assets Replacement (MSSI, SFP) Exclude cash and in-kind replacements (including any interest) received from any source for the purpose of replacing or repairing a lost, damaged, or stolen excluded asset.

The replacement/repair amount of the item is excluded from assets for a period of nine months from the date it is received.

An individual is eligible for an extension of the replacement period of an excluded asset if factors beyond his control prevent the replacement/repair. The extension cannot exceed nine months or a total of 18 months from the date the cash or in-kind replacement was received.

Any of the replacement/repair funds not used after original or extended replacement period is included as an asset effective the month after the period ends. Exception: The 18 month exclusionary time period (nine month initial period plus nine month good cause extension) may be extended for up to an additional twelve months for a maximum 30 month exclusion from assets when:

1. the president declares a disaster; and 2. the excluded resource is geographically within the disaster area; and 3. the individual intends to repair or replace the excluded asset; and 4. the individual was unable to repair or replace the excluded asset due to circumstances beyond his control. 1640.0500 ASSETS: DEFINITIONS AND VALUE DETERMINATIONS (MSSI, SFP) The different types of liquid and nonliquid assets are discussed alphabetically in the following subsections. The policies assume that the assets are owned by and available to the individual unless noted otherwise. Refer to policy on asset ownership and availability described in Section 1640.0300. Refer also to Chapter 2200, Standard Filing Unit, which describes whose assets must be considered. 1640.0501 Bank Accounts (MSSI, SFP) Bank accounts refer to funds in a bank, credit union, savings and loan association or any other financial institution that are usually payable on demand. Interest earned on bank accounts is excluded as unearned income in eligibility determination. Interest is counted as unearned income when calculating patient responsibility.

This section provides information on:

1. checking and savings accounts; 2. convenience bank accounts; 3. time deposits, including Individual Retirement Accounts and Keogh Plans; and 4. special accounts for medical services. 1640.0502 Checking and Savings Accounts (MSSI, SFP) The asset value is the balance in the account on the date on which eligibility is established. If the total asset value of the account does not affect eligibility, it is not necessary to determine the amount of any transactions that have not cleared the account or the individual's portion of a joint bank account. However, the individual still may be given the opportunity to rebut full or partial ownership to ensure that future changes to the account will not affect his eligibility.

Passages 1640.0504 - 1640.0506 discuss policy for bank account assets. Refer to passages 1640.0300 - 1640.0303.03 and 1640.0308 - 1640.0321 for ownership and availability policies for bank accounts.