Page 1996

West Virginia Income Maintenance Manual Chapter 24

West Virginia Income Maintenance Manual Page 71 Chapter 24 Long Term Care

24.8.4 HOME EQUITY When the equity value of an individual’s home exceeds the current maximum allowable amount, he is ineligible for Medicaid payment for nursing facility or waiver services, unless his spouse, child under 21, or disabled adult child resides in the home. The current maximum allowable equity value is $752,000. Denial of LTC Services due to excessive home equity is subject to the Undue Hardship Waiver Provision. 24.8.5 Long Term Care Insurance Partnership (LTCIP) ASSET DISREGARD 24.8.5.A Introduction and Purpose West Virginia’s participation in the LTCIP is established by §9, Article 4E-1 of the West Virginia State Code. The LTCIP Asset Disregard results from a combined effort between Centers for Medicare and Medicaid (CMS), DOHS, LTC insurers, and the West Virginia Insurance Commission in accordance with Section 1917 of the Social Security Act. The LTCIP Asset Disregard provides an incentive to individuals to provide for their own LTC needs through the purchase of a Qualified LTCIP Policy, while protecting their assets. 24.8.5.B Definitions For purposes of the LTCIP Asset Disregard only, the following definitions apply. LTCIP ASSET DISREGARD An asset disregard available to only individuals in the Nursing Facility coverage group, but whose resources exceed the allowable asset limit. Eligible individuals must have a Qualified LTCIP Policy issued by a Partnership State while residing in a Partnership State, with insurance payments made as of the date of the State’s State Plan Amendment (SPA) that implemented the LTCIP. Assets are disregarded dollar-for-dollar in the amount of insurance payments made. Assets are protected at Estate Recovery in this same amount.