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COMBINED MEDICAID 401-1 Resource Ownership, Accessibility and Equity Value

Supersedes: 7/1/2016 Reference: ARM 37.82.101; 42 CFR 435.601 Overview: Resources are real or personal property that have economic value. Resources can include, but are not limited to, cash, savings, investments, house, land, vehicles, etc. The filing unit’s resources are evaluated for ownership, accessibility, and equity value. All resources are countable unless specifically excluded by regulation. Exclusions listed in this section do not apply to property the filing and/or assistance unit does not own. This includes, but is not limited to, property owned by or held in: 1. A trust of any kind (whether or not any filing/assistance unit member is a trust beneficiary or a trustor), 2. A corporation of any kind (whether or not any filing/assistance unit member is a corporate shareholder), 3. A partnership of any kind (whether or not any filing/assistance unit member is a partner), 4. A limited liability company of any kind (whether or not any filing/assistance unit member is a member of the company), or 5. Any other legal entity, instrument, device or arrangement of any kind confirming the filing or assistance unit does not own the property. LIQUID AND NON-LIQUID RESOURCES: Liquid resources are cash and other resources that can easily be converted to cash. Examples include, but are not to, stocks, bonds, mutual fund shares, promissory notes, mortgages, life insurance policies, financial institution accounts (savings, checking, time deposits/CDs) and similar items. Non-liquid resources are resources that cannot reasonably be immediately converted into cash. Non- liquid resources are not considered inaccessible or excluded simply because the value cannot be accessed in the benefit month. RESOURCE ACCESSIBILITY & AVAILABILITY: Resources are considered accessible either when actually available to the individual or when the individual has a legal or equitable interest in the property or asset and has the legal or equitable ability to access funds or to convert non-cash property into cash, regardless of whether the individual has the practical ability to access the funds or to convert non-cash property into cash.