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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 4 Chapter 5 Assets

ELDERLY • For SNAP and WV WORKS: Age 60 and over • For Medicaid: Age 65 and over ENDOWMENT FOR PERPETUAL CARE A contract for care and maintenance of a gravesite. EXCESSIVE HOME EQUITY This definition is used in the determination of eligibility for LTC for Medicaid. Excessive home equity can result in a denial of payment for LTC or waiver services when the equity in the homestead exceeds the current allowable maximum. This amount changes every year. A denial for excessive home equity is subject to the Undue Hardship Provision. EXCLUDED Assets that are not considered when determining asset eligibility. FACE VALUE The specified amount payable on death of the insured, usually listed on the front of the policy, is the amount guaranteed and premium terms agreed upon via contract at the time of purchase. When the premium payment specified in the contract has been fulfilled and premium payments continued to be made resulting in additional paid-up insurance, the policy’s death benefit, (i.e., face value), has increased and the current amount counted. See LIFE INSURANCE, CASH SURRENDER OR CASH-IN VALUE, TERM INSURANCE, and WHOLE LIFE INSURANCE. HOMESTEAD PROPERTY The dwelling and land on which the dwelling rests, which is not separated by intervening property owned by others. This property does not have to be part of the original purchase. This includes the life estate interest, when it is the life estate holder's home. IMMEDIATE FAMILY SSI-Related Medicaid Only: The SSI-Related Medicaid individual's immediate family includes: parents, or adoptive parents; minor or adult children, including minor or adoptive and stepchildren; siblings, including adoptive and stepsiblings. Immediate family also includes the spouse of the above relatives. INCOME-PRODUCING PROPERTY Property that is annually producing income consistent with its CURRENT MARKET VALUE.