Page 2148

West Virginia Income Maintenance Manual Chapter 26

West Virginia Income Maintenance Manual Page 24 Chapter 26 Medicaid Work Incentive (M-WIN)

26.7 ASSETS 26.7.1 ASSET LIMIT The asset limit for Medicaid Work Incentive (M-WIN) is: • $2,000 for a single individual. • $3,000 for an individual who lives with his legal spouse. Total countable assets of the couple are combined to determine asset eligibility. 26.7.2 LIST OF ASSETS Assets are treated according to the policy in Chapter 5 for Supplemental Security Income (SSI)- Related Medicaid with the following exceptions. 26.7.3 SPECIAL ASSET EXCLUSIONS 26.7.3.A Retirement Accounts Retirement accounts or funds invested in an approved retirement account are not counted as assets. This includes, but is not limited to, Individual Retirement Accounts (IRAs), Keoghs, 401(k)s, or employer pension plans. 26.7.3.B Liquid Asset Exclusion Liquid assets in the amount of $5,000 for an individual or $10,000 for a legally married couple are excluded when determining total countable assets. Liquid assets are cash or those payable in cash on demand. This includes checking or savings accounts and financial instruments such as, but not limited to, Certificates of Deposit (CD) or stocks and bonds that can be converted to cash within 20 work days. Federal, state, and local holidays are not work days.

loading…

Page 2148

Official source

West Virginia Income Maintenance Manual Chapter 26

West Virginia Income Maintenance Manual Page 24 Chapter 26 Medicaid Work Incentive (M-WIN)

26.7 ASSETS 26.7.1 ASSET LIMIT The asset limit for Medicaid Work Incentive (M-WIN) is: • $2,000 for a single individual. • $3,000 for an individual who lives with his legal spouse. Total countable assets of the couple are combined to determine asset eligibility. 26.7.2 LIST OF ASSETS Assets are treated according to the policy in Chapter 5 for Supplemental Security Income (SSI)- Related Medicaid with the following exceptions. 26.7.3 SPECIAL ASSET EXCLUSIONS 26.7.3.A Retirement Accounts Retirement accounts or funds invested in an approved retirement account are not counted as assets. This includes, but is not limited to, Individual Retirement Accounts (IRAs), Keoghs, 401(k)s, or employer pension plans. 26.7.3.B Liquid Asset Exclusion Liquid assets in the amount of $5,000 for an individual or $10,000 for a legally married couple are excluded when determining total countable assets. Liquid assets are cash or those payable in cash on demand. This includes checking or savings accounts and financial instruments such as, but not limited to, Certificates of Deposit (CD) or stocks and bonds that can be converted to cash within 20 work days. Federal, state, and local holidays are not work days.