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Effective: December 1, 2006 |
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19.25.40.10ar1 - Verification of Burial Assets and Life Insurance (Archive) |
Archived: June 1, 2011 |
Verification of burial assets follows the policies outlined in Verification of Assets. This section identifies how those policies apply to burial assets.
Burial and Life Insurance Verification.
Document in the case record:
l The assets used, and the steps taken in applying the burial space items and the burial fund exclusions.
l The specific reason why assets designated toward the burial fund exclusion cannot be separated from other assets.
Burial and Life Insurance Verification
Follow specific program provisions for verification of burial assets. For more specific policy on the verification of assets, see Verification of Assets.
l MinnesotaCare.
Do not verify burial funds, life insurance, or any other asset.
l MA Method A and RMA.
Verify all counted burial assets and burial assets that are determined unavailable at application and renewal.
l MA Method B.
Verify the following:
n All counted burial assets and burial assets that are determined unavailable at application and renewal.
n Verify the following even if not counted, excluded or are unavailable to ensure they are assessed correctly:
m Non-term Life Insurance; face value and cash surrender value.
m Revocable Burial Agreements (RBA).
m Irrevocable Burial Agreements (IBA).
m Annuity-funded burials (AFB).
m Life Insurance-funded burials (IFB).
m Cremation Society Agreements (CSA).
n Verify any changes made to burial assets to determine if they qualify as burial expenses.
l LTC.
Follow MA Method B and if these burial assets are included in an asset assessment, be sure to verify them at the time of the assessment. If the client has a community spouse, also verify at application, and at the first annual renewal.
l GAMC.
Verification of liquid assets is required if the client’s asset total is within $300 of the asset limit. Liquid assets that can be considered burial assets are CSV of life insurance policies and other assets designated to the BFE.
It may be necessary to request proof of burial assets in order to identify and correctly apply the burial exclusions.