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equity value means the price an item is expected reasonably to sell for on the local open market minus any encumbrances. d. Countable vs. Excluded Resources. A resource may be counted or excluded when determining financial eligibility. The State must consider whether a resource is counted or subject to a general or coverage group-specific exclusion and then assure any applicable exclusions are considered as follows: (1) Countable Resource: A resource, whether real or personal property, that is available to the applicant or beneficiary and thus counts toward a resource limit. Resource deeming applies unless otherwise specific when determining eligibility for IHCC groups providing Community Medicaid; (2) Excluded Resource: A resource that is not counted toward the resource limit because of a specific provision in Federal or State laws or Regulations. Some resources are excluded categorically under Federal law or Regulations; other resources are excluded regardless of value for some IHCC coverage groups but at a set amount for other groups – there is no limit on the value of a home for Community Medicaid but a cap based on equity value for LTSS; and still other resources are excluded only to the extent they do not exceed a specific threshold amount, such as life insurance face value limit. 3. Deemed Resources – non-LTSS only – The resources of members of the FRU must also be evaluated and any that are countable attributed to the applicant(s) in the deeming process in accordance with Part 05-1 of this Chapter. For Medicaid LTSS, there is no deeming and the evaluation of resources is always based on the applicant or individual – that is, an FRU and Medicaid eligibility unit size of one (1) – unless both spouses are seeking coverage subsequent to the initial determination of eligibility. 4. Determination of Resource Eligibility – Resource eligibility is determined by comparing the countable resources of the FRU to the resource limits for the applicable IHCC group adjusted for the Medicaid eligibility group size. 3.6.4 Beneficiary’s Responsibilities A. Applicants and beneficiaries are responsible for: providing accurate information about their resources in the application process and submitting any necessary documentation and/or signed authorizations that may be necessary for verification purposes. 3.6.5 Types of Resources and Related Exclusions