Haw. Code R. § 17-1725.1-17 - Assets to be considered

The following assets shall be considered in the personal reserve of a MAGI-excepted individual or household and include, but are not limited to:

(1) Cash on hand;

(2) Cash in savings and checking accounts;

(3) Value of stocks and bonds verified by a stock brokerage firm;

(4) Value of time deposits and savings certificates verified by the financial institution where the funds are deposited;

(5) State tax refunds, including state excise tax credits and state income tax credits;

(6) Cash surrender value of a life insurance policy after the subtraction of outstanding loans or encumbrances from the cash value of the policy verified by the insurance company;

(7) Value of governmental debenture bonds, such as U.S. savings bonds, treasury notes, or municipal bonds verified by the financial institutions or stock brokerage firms or issuers;

(8) Value of mutual fund shares be verified by the stock brokerage firm;

(9) Value of burial plots or burial vaults not exempt in section 17-1725.1-26(8) shall be determined by subtracting all encumbrances from the market value verified by the purchasing cemetery;

(10) Value of funeral plans not exempt in subsection 17-1725.1-26(9) shall be determined by subtracting all encumbrances from the original purchase price;

(11) Equity in personal property, such as jewelry, watercrafts or air transportation vehicles not exempt in subsection 17-1725.1-26(3);

(12) Equity in real property, not used as the family home, that is not exempt in section 17-1725.1-35 or section 17-1725.1-36;

(13) Moneys or assets in an irrevocable trust fund established on or before August 10, 1993 if there is the opportunity to remove legal impediments to gain access to the available assets of the trust. Proof of irrevocability of the trust or evidence of legal impediments to acquiring access to the assets of the trust fund must be provided. Medical assistance shall be provided to an otherwise eligible individual while legal or other impediments to the potential availability of the assets are being removed, or title is being cleared on the condition the individual submits a plan of action within thirty days of the date of application to remove such legal or other impediments to current availability.

(A) Failure to meet the deadline shall disqualify the individual from receiving further medical assistance. Benefits received thereafter shall constitute an ineligible payment recoverable by the department;

(B) The department shall periodically review the submitted plan of action or failure to take appropriate action shall disqualify the individual from further medical assistance;

For any Medicaid qualifying trust the maximum amount permitted to be distributed to the individual shall be counted regardless of whether the trust is irrevocable or established for purposes other than to qualify for medical assistance with the exception of a Medicaid qualifying trust or initial trust decree established prior to April 7, 1986, solely for the benefit of a developmentally disabled or intellectually disabled individual who resides in an intermediate care facility for the developmentally disabled or intellectually disabled individuals;

(14) Payments made from protected retirement plans or annuities to include, but not be limited to, profit sharing plans, IRAs, or other retirement accounts, shall be considered an available asset if an individual has access to the distribution of funds;

(15) Money received by the individual from the sale of assets;

(16) Investments in diamonds, gold, silver, or other precious metals;

(17) Equity in a business shall be determined as follows:

(A) Subtract the current liabilities from the fair market value of the remaining assets.

(B) Exempt the following assets that are essential to the production of goods or services in determining equity in a business, which includes, but are not limited to:

(i) Stock and inventory;

(ii) Tools and equipment; and

(iii) Motor vehicles required for business use.

(C) The remaining equity of all non-exempt assets, in part or in whole, shall be considered.

(18) Equity value of any assets not exempt under section 17-1725.1-26 verified by an appropriate entity;

(19) Federal tax refunds unless otherwise exempted by the Federal government;

(20) Cash dividends from stocks, life insurance, or other sources;

(21) Refunds of utility and rental deposits not paid by the department;

(22) Funds used to purchase an annuity that:

(A) Is revocable and allows the annuitant access to the cash value of the annuity less early withdrawals and surrender fees;

(B) Is assignable to allow the sale of the annuity on the open market; or

(C) Does not address issues of revocability or assignability;

(23) Value of the outstanding balance owed on a promissory note or a property agreement to the individual (creditor) who holds the promissory note or agreement of sale;

(24) Entrance fees of an individual residing in a continuing care retirement community or life care community under the following conditions:

(A) The entrance fee may be used to pay for care if the individual's other resources or income is insufficient to pay for the care;

(B) The entrance fee or any remaining portion is refundable when the individual dies or terminates the contract and leaves the continuing care retirement community or life care community; and

(C) The entrance fee does not assign an ownership interest in the continuing care retirement community or life care community.

Notes

Haw. Code R. § 17-1725.1-17

[Eff 09/30/13] (Auth: HRS §§ 346-53, 346-71; 20 C.F.R. § 416.1201, 42 C.F.R §§ 431.10, 435.601 ; 435.811, 435.840, 435.845; 45 C.F.R. §233.20; 42 U.S.C. §1396 p) (Imp: HRS §§ 346-29, 346-53, 346-71; 20 C.F.R. §416.1201; 42 C.F.R. §§431.10, 435.601; 435.811, 435.840, 435.845; 45 C.F.R. §233.20; 42 U.S.C. §1396 p)