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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 41

Steps Computing the Penalty Actions eligibility factors are met, the individual will continue to be enrolled as eligible for AG and Medicaid. No grant will be issued

18.4. Life Insurance Designated as a Burial Fund When designating a countable life insurance policy as a burial fund, the individual typically designates the policy itself rather than the CSV. However, since the CSV is the current resource value of the policy, it is the CSV to which the burial fund exclusion is applied. Increases in cash value that occur after the first date the policy is excluded are considered appreciation in the value of excluded burial funds. As appreciation the full cash value is excluded, even if the total exceeds $3,500. 18.5. Life Insurance Dividends The individual can also designate any dividend accumulations on the life insurance policy. Dividend accumulations are a separate resource (i.e., not considered as an increase in the value of the CSV) and must be designated as burial funds separate from the life insurance policy itself. Dividends that are added after the initial designation are not automatically exempted. Each must be designated as received/deposited. 18.6. Verification Obtain • The appropriate verification for the type of resource that contains the funds to be exempted (savings account, life insurance policy, trust, etc.). • The designation statement.