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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 61 Chapter 5 Assets

in a lump sum is the pay-off amount used instead of the amount of remaining payments. • Step 3: Determining Asset Value of All Vehicles After equity is determined for each vehicle, $1,500 is subtracted from the one with the highest equity. Any amount in excess of the $1,500 is an asset for that vehicle. In addition, the equity in all other vehicles is counted in its entirety. See Step 1 above. AFDC-Related Medicaid Vehicle Asset Value Example: A client has three (3) vehicles. The listed values are: Vehicle A

Vehicle B

Vehicle C $2,500

$1,500

$1,750 The client disagrees with the listed values of Vehicles B and C. He obtains estimates for Vehicles B and C as follows:

Vehicle B

Vehicle C

$900

$1,200

The DOHS disagrees with the estimate obtained for Vehicle B and obtains another estimate of $1,100. The values used to determine countable equity are found by using the listed value for Vehicle A, accepting the client-obtained estimate for Vehicle C and by averaging the two estimates for Vehicle B. Therefore, the countable equity is determined as follows: Vehicle A

Vehicle B

Vehicle C $2,500

$1,000

$1,200 -300 Owed -400 Owed -500 Owed $2,200 Equity $600 Equity $700 Equity Vehicle A is the vehicle with the highest equity; Vehicle A receives the $1,500 exclusion. Vehicle A Vehicle B Vehicle C $2,200 $600 $700 -1,500

700