Page 312

PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 623 after the look-back date specified in subparagraph (BXi), divided by ''(II) the average monthly cost to a private patient of nurs- ing facility services in tiie State (or, at the option of the State, iii the community in which the individual is institutionalized) at the time of application. ''(ii) With respect to a noninstitutionalized individual, the num- ber of months of ineligibility under this subparagraph for an individ- ual shall not be greater than a number equal to— "(I) the total, cumulative uncompensated value of all assets transferred by the individual (or individual's spouse) on or after the look-back date specified in subparagraph (BXi), divided by **(II) the average monthly cost to a private patient of nurs- ing facility services in the State (or, at the option of the State, in the community in which the individual is institutionalized) at the time of application. ''(iii) The nimiber of months of ineligibility otherwise deter- mined under clause (i) or (ii) with respect to the disposal of an asset shall be reduced— "(1) in the case of periods of ineligibility determined imder clause (i), by the number of months of ineligibility applicable to the individual under clause (ii) as a result of such disposal, and "(II) in the case of periods of ineligibility determined under clause (ii), by the number of months of ineligibility applicable to the individual under clause (i) as a result of such disposal. (2) EXCEPTIONS.—Section 1917(c) is amended— 42 use i396p. (A) in paragraph (2XA), by striking "resources" and inserting "assets"; (B) by amending paragraph (2XB) to read as follows: **(B) the assets— **(i) were transferred to the individual's spouse or to another for the sole benefit of the individual's spouse, "(ii) were transferred fi'om the individual's spouse to another for the sole benefit of the individual's spouse, "(iii) were transferred to, or to a trust (including a trust described in subsection (dX4)) established solely for the benefit of, the individual's child described in subpara- graph (AXiiXII), or "(iv) were transferred to a trust (including a trust described in subsection (dX4)) established solely for the benefit of an individual under 65 years of age who is disabled (as defined in section 1614(aX3));''; (C) in paragraph (2XC)— (i) by striking "resources" each place it appears and inserting "assets", (ii) by striking "any", (iii) by striking "or (ii)" and inserting "(ii)", and (iv) by striking "; or^ and inserting ", or (iii) all assets transferred for less than fair market value have been returned to the individiial; or"; (D) by amending ptaragraph (2XD) to read as follows: "(D) the State determines, under procedures established by the State (in accordance with standards specified by the Secretary), that the denial of eligibiUty would work an imdue