The resource criteria and eligibility standards of this
section apply to all applicants for and recipients of a MAP category of
eligibility for institutional care. An applicant or recipient is eligible for a
MAP category of eligibility for institutional care on the factor of resources
if countable resources do not exceed $2,000. Some of an applicant's or
recipient's resources are counted in the eligibility determination and some
resources are excluded. Any resource which is not specifically excluded in
8.281.500.13 NMAC is considered a
countable resource for the purpose of determining a MAP category of eligibility
for institutional care.
A.
Liquid resources: A liquid resource is cash or something that can
easily be converted to cash within 20 business days. The face or surrender
value of liquid resources such as cash, savings or checking accounts, and other
financial instruments are considered in determining a MAP category of
eligibility. The countable value of liquid resources is based on their current
fair market value.
(1) An applicant or
recipient must provide verification of the value of all liquid resources. The
resource value of a bank account is customarily verified by a statement from
the bank showing the account balance as of the first moment of the first day of
the month in question. If an applicant or recipient cannot provide this
verification, the ISD worker provides the applicant or recipient with a
detailed request of all documents needed to determine a MAP category of
eligibility.
(2) If the applicant
or recipient can demonstrate that a check was written and delivered to a payee
but not cashed by the payee prior to the first moment of the first day of the
month, the amount of that check is subtracted from the applicant or recipient
checking account balance to arrive at the amount to be considered a countable
resource.
B.
Non-liquid resources: A non-liquid resource is something such as
real property that cannot easily be converted to cash within 20 business days.
The value of non-liquid resources is computed at current market value minus
encumbrances or financial penalties for early withdrawal.
