Hawaii Administrative Rules › Title 17 - DEPARTMENT OF HUMAN SERVICES › Department of Human Services › Chapter 1725.1 - ASSETS FOR MAGI-EXCEPTED INDIVIDUALS › Subchapter 3 - ASSETS TO BE CONSIDERED › Section 17-1725.1-17 - Assets to be considered

Current through June, 2024
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;