*** The Health Care Programs Manual (HCPM) has been replaced by the Minnesota Health Care Programs Eligibility Policy Manual (EPM) as of June 1, 2016. Please refer to the EPM for current health care program policy information. ***
Effective: October 1, 2008 |
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19.25.05 - Liquid Assets |
Archived: June 1, 2016 (Previous Versions) |
Cash or other types of assets that can be easily converted to cash (usually within 20 days) are considered liquid assets. This section discusses types and availability of liquid assets.
Availability of Liquid Assets.
Count the total cash value of a liquid asset as an available asset unless the proof provided indicates that it is any of the following:
l An unavailable asset.
l An excluded asset.
l A jointly owned asset.
l Checking accounts.
l Certificates of Deposit (CDs).
Count the total value of the guardianship account the client owns or the client or someone acting on behalf of the client has a legal right to use for the client’s support and maintenance.
l Minnesota Housing Finance Agency (MHFA) home-improvement loans.
l Money market account.
l Mutual fund shares.
l Non-term life insurance (LI) policies.
l Savings accounts.
l Stocks.
Consult a newspaper or other current stock listing to determine current cash value if the stock ownership statement does not show the current value.
l Treasury bills.
l United States savings bonds.
To determine current bond value, either:
n Consult the "Comprehensive Savings Bond Value Table" on the U.S. Bureau of Public Debt website; or
n Contact any bank.
All, or a portion, of the following types of assets may be considered a liquid asset and counted as an available asset in certain circumstances.
l Annuities.
Also see bulletin #08-21-04, "Changes in the Treatment of Annuities for Medical Assistance (MA) Payment of Long-term Care (LTC) Services Eligibility and Benefit Recovery Announced."
l Promissory Notes, Contracts for Deed and Other Property Agreements.