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E. Ownership of Resources. Resources must be within the limitations described below: 1. Home property. Home property is the applicant’s principal place of residence. It includes the home and all contiguous property. The value of a farm of less than fifty (50) acres on which an individual or his family resides and has resided for at least twenty-five (25) years shall be totally excluded from the resources computation. The equity value of home property other than a family farm as defined above shall not exceed $35,000.00. A mobile home may be considered home property if it is the individual’s principal place of residence. 2. Non-home real property and taxable personal property. The individual’s or family’s total equity interest in non-home real property and taxable personal property such as motor vehicles shall not exceed $6,000.00. 3. Liquid assets. The individual’s or family’s total liquid assets must be equal to or less than $500.00. An individual with excess liquid assets may establish eligibility if he and other members of his family spend the excess toward the payment of valid debts as defined in the MIAP Manual. 4. Household effects. Household effects such as furniture, kitchen utensils, etc., are not consid- ered in the resource computation. F. Transfer of Resources. An individual or his family who transferred resources without receiving full compensation within three (3) months prior of the period of hospitalization for which his application for assistance through the MIAP is made shall not be eligible. Such individual and his family will continue to be ineligible for one year from the date of transfer or until he establishes that full compensation has been received, whichever is earlier. SUBARTICLE 2 COVERED SERVICES 126–530. Services Covered by the Medically Indigent Assistance Program. A. Except as otherwise provided in this section, only inpatient hospital services which are covered by the South Carolina Medicaid Program as inpatient hospital services shall be covered by the MIAP. B. Psychiatric inpatient hospital services shall be limited to emergency admissions. The standard for an emergency admission shall be the physician’s belief that the person is mentally ill and because of his condition is likely to cause serious harm to himself or others if not immediately hospitalized. 126–535. Sponsorship From the Medically Indigent Assistance Program. A. Payments shall be made only to general hospitals. B. Individuals shall not be sponsored by the MIAP until all other means of reimbursement or service provision have been exhausted. This includes payments from third party sources defined in R126-500 K. This does not include payments by county indigent programs. C. Rates for hospital reimbursement shall be prospectively determined. Payment from all sources shall not exceed the prospectively determined rate. D. Full sponsorship for inpatient hospital services is available for eligible individuals whose gross family income is equal to or less than one hundred (100) percent of the poverty guidelines. E. Partial sponsorship for inpatient hospital services is available for eligible individuals whose gross family income is between one hundred (100) and two hundred (200) percent of the poverty guidelines. Partial sponsorship is based on a sliding scale which is calculated by determining the percentage by which the individual’s gross family income exceeds the poverty guidelines for the appropriate size family, multiplied by an amount which is equal to 1% of the mean MIAP payment amount. The MIAP sponsorship shall be determined based on the following formula: the prospectively determined rate minus all third party payments, excess liquid assets paid to the hospital, and the sliding scale amount for which the individual is responsible. 126–540. Recovery by the Medically Indigent Assistance Program. A. The MIAP shall be reimbursed if an individual or the services delivered to that individual are later determined to be ineligible for coverage.