*** The Health Care Programs Manual (HCPM) has been replaced by the Minnesota Health Care Programs Eligibility Policy Manual (EPM) as of June 1, 2016.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: September 1, 2011 |
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19.25 - Asset Types |
Archived: June 1, 2016 (Previous Versions) |
All Minnesota Health Care Programs have specific rules about how the value of assets owned by an applicant or enrollee affect a person’s eligibility for coverage. Information about how to evaluate different types of assets is discussed in this section.
Obtain information about what assets an applicant or enrollee owns as follows:
1. Applications and renewals collect information needed to determine the value of an asset, which may include who owns the asset, what type of asset is owned, the value of the asset and the amount of encumbrances (money owed) against the asset. In addition, an applicant or enrollee may report information about assets to the agency by telephone or through other types of correspondence.
See Verification of Assets for more information on what assets must be verified.
2. When asset information is incomplete, contact the applicant or enrollee by telephone and document their response. If you are unable to contact the person by telephone, send a written request for the specific information or verifications needed, which may include a copy of an incomplete section of the application or other form.
Assets are items of value. One can classify assets as either real property or personal property.
Real property includes land, all buildings, structures, improvements, or other fixtures on it belonging or pertaining to the land, including mobile or manufactured homes attached to a permanent foundation on land owned by the client, all mines, minerals, fossils, and trees on or under it, and life estate and remainder interests.
Personal property includes all other assets. The distinguishing factor between real property and personal property is that personal property is movable. Personal property is not fixed permanently to one location as with real property such as land or buildings. Examples of personal property include vehicles, furniture, boats, collectibles, etc.
Count all real and personal property when applying a client’s asset test unless the asset is excluded or unavailable.
See the sections detailing specific assets. Specific types of assets include:
l Non-Homestead Real Property.
l Life Estates.
l Promissory Notes, Contracts for Deed and Property Agreements.
l Vehicles.
l Annuities.
l Trusts.
l Continuing Care Retirement Community (CCRC) Entrance Fee.
l Household Goods and Personal Effects.