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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 33 Chapter 5 Assets

5.5.13 EDUCATIONAL FUNDS 5.5.13.A Grants, Loans, and Scholarships When funds are excluded as income, they are also excluded as assets. However, funds that are not used for the intended purpose and are allowed to accumulate beyond the time they were intended to cover, are assets. SSI Medicaid Groups: Grants, scholarships, fellowships and gifts or portions of gifts set aside to pay tuition and other necessary educational expenses are excluded for nine months following the month of receipt. Any portion of these funds used to pay expenses, other than those related to education, is counted as income in the month it is used to pay another expense. See Section 4.14.4.C. 5.5.13.B SMART 529 Plan and Pre-Paid College Tuition Plans The cash value of the account, minus any penalty for non-qualified withdrawals, is counted as an asset for the account owner, not the student beneficiary.

5.5.13.C Coverdell Education Savings Accounts SNAP WVW, AFDC-Related SSI Groups No* No* No* SNAP WVW, AFDC-Related SSI Groups No WVW - No AFDC Groups - Yes Yes NOTE: Any pandemic related payment received under the declaration of a public health emergency (COVID-19) is classified as disaster assistance and will not be counted as an asset for the purposes of Medicaid. See 7.3.76 COVID-19 Pandemic-related Disaster Assistance.

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Page 759

Official source

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 33 Chapter 5 Assets

5.5.13 EDUCATIONAL FUNDS 5.5.13.A Grants, Loans, and Scholarships When funds are excluded as income, they are also excluded as assets. However, funds that are not used for the intended purpose and are allowed to accumulate beyond the time they were intended to cover, are assets. SSI Medicaid Groups: Grants, scholarships, fellowships and gifts or portions of gifts set aside to pay tuition and other necessary educational expenses are excluded for nine months following the month of receipt. Any portion of these funds used to pay expenses, other than those related to education, is counted as income in the month it is used to pay another expense. See Section 4.14.4.C. 5.5.13.B SMART 529 Plan and Pre-Paid College Tuition Plans The cash value of the account, minus any penalty for non-qualified withdrawals, is counted as an asset for the account owner, not the student beneficiary.

5.5.13.C Coverdell Education Savings Accounts SNAP WVW, AFDC-Related SSI Groups No* No* No* SNAP WVW, AFDC-Related SSI Groups No WVW - No AFDC Groups - Yes Yes NOTE: Any pandemic related payment received under the declaration of a public health emergency (COVID-19) is classified as disaster assistance and will not be counted as an asset for the purposes of Medicaid. See 7.3.76 COVID-19 Pandemic-related Disaster Assistance.