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Effective: February 1, 2009 |
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19.05.15ar1 - Calculating Countable Assets (Archive) |
Archived: June 1, 2011 |
This section provides information for calculating the value of countable assets when determining eligibility for health care programs.
Steps in Calculating Countable Assets.
The method used to determine a client’s countable assets varies by program. Each method has different rules for determining and calculating countable assets.
The methods of asset calculation are:
l Method A - This method is used for:
n Clients with MA Families and Children bases of eligibility.
n Refugee Medical Assistance (RMA).
n MinnesotaCare.
l Method B - This method is used for:
n MA for people with a basis of eligibility of Age 65 or Older, Blind or Disabled.
n Employed Persons with Disabilities (MA-EPD).
Note: MA-EPD has additional exclusions and limits than other Method B programs.
n Qualified Medicare Beneficiary (QMB).
n Service Limited Medicare Beneficiary (SLMB).
n Qualified Individuals (QI).
n Qualified Working Disabled Adult (QWD).
n MA Waiver Programs: Community Alternative Care (CAC), Community Alternatives for Disabled Individuals (CADI), Developmental Disabilities (DD), and Traumatic Brain Injury (TBI).
n Elderly Waiver (EW) Program.
n GAMC.
Unless otherwise noted, follow instructions for the appropriate method relating to the applicant’s or enrollee’s health care program or basis of eligibility.
Steps in Calculating Countable Assets
The equity value is used to determine the value of most countable assets. Refer to Asset Types for information about using methods other than the equity value to calculate the value of a specific countable asset.
Follow these steps to determine a client’s countable assets.
1. Determine whether assets owned by a client or deemed to a client are excluded, unavailable or countable assets.
n Do not calculate assets for people who do not have an asset limit. See Exemptions from Asset Limits.
n Do not count assets that are excluded. See Excluded Assets.
n Do not count assets that are unavailable to a client. See Availability of Assets.
2. Determine the value of countable assets using the equity value or other method as specified for a certain asset.
Note: Count the equity value of an asset as $0 if a client owes more than the fair market value of the asset. Do not use a negative amount to offset other assets the client may own.
3. Add the values of all countable assets.
4. Compare the client’s total countable assets to the asset limit for the basis of eligibility and household size.
5. Determine if assets must be verified. See Verification of Assets.
6. The client is asset eligible for a program if total countable assets are less than or equal to the asset limit for that program.
7. If total countable assets exceed the asset limit, the client must reduce excess assets to be asset eligible for a program. See Excess Assets.