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Chapter: 1600 Assets Program: MSSI, SFP 1

1640.0000 SSI-Related Medicaid, State Funded Programs This chapter presents requirements for determining eligibility based on assets. The chapter discusses policy for the following topics:

1. Asset Definition, 2. Asset Limits, 3. Asset Ownership and Availability, 4. General Determination of Asset Value, 5. Types of Assets: Definitions and Value Determinations, and 6. Transfer of Assets. 1640.0100 ASSET DEFINITION (MSSI, SFP) Assets, liquid or nonliquid, are assets or items of value that are owned (single or jointly) by an individual who has access to the cash value upon disposition.

Liquid assets are cash assets or assets that are payable in cash on demand. Nonliquid assets are assets that cannot be readily converted to cash.

Assets of each member of the SFU must be determined. A determination of whether each asset should be included or excluded must be made. 1640.0200 ASSET LIMITS (MSSI, SFP) The asset limit is the maximum amount of liquid and/or nonliquid assets that an assistance group can retain and remain eligible for public assistance. 1640.0204 Asset Limits Medically Needy (MSSI) For Medically Needy, assets must be equal to or below program limits. SFU sizes and the corresponding Medically Needy asset limits are presented in Appendix A-9. 1640.0205 Asset Limits (MSSI, SFP) Total countable assets for an individual or a couple must not exceed the following limits:

1. For MEDS-AD and Medically Needy, the asset limit is $5,000 for an individual and $6,000 for a couple.

2. For the Working Disabled (WD), the asset limit is $5,000 for an individual and $6,000 for a couple.

3. For ICP, PACE, all HCBS Waivers, Modified PAC (MPAC) and Hospice, the asset limit is $2,000 for an individual ($3,000 for eligible couple) or $5,000 if the individual’s income is within the MEDS-AD limit ($6,000 for eligible couple). For HCBS, Working People with Disabilities (WPwD) must meet the technical criteria, and have a higher asset limit. The asset limits are:

a. An individual up to $13,000 b. A couple up to $24,000 c. A retirement account recognized by the Internal Revenue Service (IRS) is excluded.

4. For QMB, SLMB, and QI1 the asset limit is three times the SSI resource limit with annual increases based on the yearly Consumer Price Index. Refer to Appendix A-9.