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Mary is under the age of 65 and is not blind or disabled. Therefore, it is not necessary to calculate the total FV of her life insurance policies because the limited exception does not apply to her assets. Her whole life insurance policy's CSV of $12,700 is a countable asset for Steve's eligibility determination unless all or part of it can be excluded under other provisions, such as a burial fund.

Exampl e 4 Siobhan is disabled and has one life insurance policy. The dividends from her policy are deposited into a separate, interest-bearing account. Policy Owner Face Value Cash Surrender Value Dividends Whole life Siobhan $1,500 $545 Accumulated in a separate account ($1,200

The total FV life insurance policies owned by Siobhan is not greater than $1,500, so the $545 of CSV of the whole life insurance policy is not a countable asset. However, the $1,200 dividend accumulations held in a separate, available account are treated as a separate asset from life insurance. 16.7.6 Treatment Of Continuing Care Retirement Community Entrance Fees A CCRC or Life Care Community typically provides a variety of living arrangements, from independent living through skilled nursing care. Potential residents frequently must pay substantial entrance fees and sign detailed contracts before moving to the community. Entrance fees paid by an individual to a CCRC or Life Care Community are counted as an available non- exempt asset of the individual for Medicaid eligibility determinations when all of the following conditions apply: • The person has the ability to use the entrance fee, or the contract provides that the entrance fee may be used, even in part, to pay for care if the person’s other resources or income are insufficient to pay for his or her care. It is not necessary for the CCRC or Life Care Community to provide a full, lump sum refund of the entrance fee to the resident. If even a portion of the fee can be refunded or applied to pay for care as required, this condition would be met. • The person is eligible for a refund of any remaining entrance fee when the person dies or terminates the contract and leaves the community. It is not necessary for the resident to actually receive a refund of the entrance fee or deposit. This second condition is met as long as the resident could receive a refund were the contract to be terminated or if the resident dies. • The entrance fee does not confer an ownership interest in the CCRC or Life Care Community. An ownership interest generally means the right to possess and convey property, but that might not be an all-inclusive definition. Therefore, the resident will be required to verify whether or not he or she has an ownership interest in the CCRC or Life Care Community by presenting documentation from the facility to that effect. If the CCRC or Life Care Community confirms that the entrance fee does not confer an ownership interest to the resident, then this third condition is met. Entrance fees that meet all three conditions described above will be counted as an available non- exempt asset for all Medicaid eligibility determinations for the elderly, blind, and disabled, regardless of whether or not the individual is requesting LTC services. An entrance fee that does not meet all three conditions described above is an unavailable asset.