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West Virginia Income Maintenance Manual Chapter 24

West Virginia Income Maintenance Manual Page 40 Chapter 24 Long Term Care

• The new asset(s), combined with the other assets the institutionalized spouse intends to retain, does not exceed the asset limit for one person; and/or • The institutionalized spouse intends to transfer the new asset(s) to the community spouse who has assets below the previously determined spousal amount. To exclude the additional asset(s), the institutionalized spouse or his authorized representative must promptly report receipt of the new asset(s) and provide the Worker with a written statement that he intends to transfer the new asset(s) to the community spouse within 90 days. • The Qualified Long Term Care Insurance Partnership (LTCIP) Policy has paid benefits to or on behalf of the institutionalized spouse that equal or exceed the amount of the newly acquired countable asset. The assets of the community spouse may still not exceed the amount determined in the previous Asset Assessment. This criterion would apply when another asset of equal or greater value than the additional asset(s) is no longer owned. 24.8.2 TRANSFER OF RESOURCES Under the transfer of resources policy, the Worker must deny coverage of LTC Medicaid services to otherwise eligible institutionalized individuals who transfer (or whose spouses transfer) resources for less than fair market value (FMV) during the 60-month look back period. The current asset and income transfer policy governs transfers made after February 8, 2006 and applies to payments made for institutional care on or after March 1, 2009. This section outlines which transfers of resources are allowable (or permissible) and which result in a penalty that delays the applicant’s eligibility for Medicaid coverage of LTC services. Whether the transfer is considered permissible depends on the timing of the transfer, whether the client was compensated, for whose benefit the transfer was made and other factors. 24.8.2.A Definitions For purposes of Transferring Resources, the following definitions apply.