25.02 Definitions

Transfer of income or resources. For the purposes of this section, a transfer of income or resources is any action taken by the individual requesting Medicaid coverage of long-term care services and supports, by the spouse of such individual, or by any other person with lawful access to the income or resources of the individual or such individual’s spouse that disposes of the income or resources. The date of the transfer is the date the action was taken. It also applies to certain income and resources to which the individual or such individual’s spouse is entitled but does not have access because of an action taken by: The individual or such individual’s spouse; A person, including a court or administrative body, with legal authority to act in place of or on behalf of the individual or such individual’s spouse; or A person, including a court or administrative body, acting at the direction or upon the request of the individual or such individual’s spouse. Fair market value. Unless otherwise specified, fair market value is an amount equal to the price of an item on the open market in the individual’s locality at the time of a transfer, or contract for sale, if earlier. Special Rules for Medicaid Coverage of Long-Term Care Services and Supports – Eligibility and Post Eligibility Part 4 – Page 11 (Sec.25.00, Sub.25.03)