Iowa Administrative Code › Agency 441 - Human Services Department › Title VIII - Medical Assistance › Chapter 75 - Conditions of Eligibility › Rule 441-75.56 - Resources

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
limitation.
Unless otherwise specified, a client may have the
				following resources and be eligible for the family medical assistance program
				(FMAP) or FMAP-related programs. Any resource not specifically exempted shall
				be counted toward the applicable resource limit when determining eligibility
				for adults. All resources shall be disregarded when determining eligibility for
				children.
a. A homestead without regard to
				its value. A mobile home or similar shelter shall be considered as a homestead
				when it is occupied by the client. Temporary absence from the homestead with a
				defined purpose for the absence and with intent to return when the purpose of
				the absence has been accomplished shall not be considered to have altered the
				exempt status of the homestead. Except as described at paragraph
				75.56(1)
"n "
or
"o, "
the net market value of
				any other real property shall be considered with personal property.
b. Household goods and personal effects
				without regard to their value. Personal effects are personal or intimate
				tangible belongings of an individual, especially those that are worn or carried
				on the person, which are maintained in one's home, and include clothing, books,
				grooming aids, jewelry, hobby equipment, and similar items.
c. Life insurance which has no cash surrender
				value. The owner of the life insurance policy is the individual paying the
				premium on the policy with the right to change the policy as the individual
				sees fit.
d. One motor vehicle per
				household. If the household includes more than one adult or working teenaged
				child whose resources must be considered as described in subrule 75.56(2), an
				equity not to exceed a value of $3,000 in one additional motor vehicle shall be
				disregarded for each additional adult or working teenaged child.
(1) The disregard for an additional motor
				vehicle shall be allowed when a working teenager is temporarily absent from
				work.
(2) The equity value of any
				additional motor vehicle in excess of $3,000 shall be counted toward the
				resource limit in paragraph 75.56(1)
"e. "
When a motor vehicle
				is modified with special equipment for the handicapped, the special equipment
				shall not increase the value of the motor vehicle.
(3) Beginning July 1, 1994, and continuing in
				succeeding state fiscal years, the motor vehicle equity value to be disregarded
				shall be increased by the latest increase in the consumer price index for used
				vehicles during the previous state fiscal year.
e. A reserve of other property, real or
				personal, not to exceed $2,000 for applicant assistance units and $5,000 for
				member assistance units. EXCEPTION: Applicant assistance units that contain at
				least one person who was a Medicaid member in Iowa in the month before the
				month of application are subject to the $5,000 limit. Resources of the
				assistance unit shall be determined in accordance with persons considered, as
				described at subrule 75.56(2).
f.
				Money which is counted as income for the month and that part of lump-sum income
				defined at paragraph 75.57(9) "c "reserved for the current or future month's
				income.
g. Payments which are
				exempted for consideration as income and resources under subrule
				75.57(6).
h. An equity not to
				exceed $1,500 in one funeral contract or burial trust for each member of the
				eligible group. Any amount in excess of $1,500 shall be counted toward resource
				limits unless it is established that the funeral contract or burial trust is
				irrevocable.
i. One burial plot for
				each member of the eligible group. A burial plot is defined as a conventional
				gravesite, crypt, mausoleum, urn, or other repository which is customarily and
				traditionally used for the remains of a deceased person.
j. Settlements for payment of medical
				expenses.
k. Life
				estates.
l. Federal or state earned
				income tax credit payments in the month of receipt and the following month,
				regardless of whether these payments are received with the regular paychecks or
				as a lump sum with the federal or state income tax refund.
m. The balance in an individual development
				account (IDA), including interest earned on the IDA.
n. An equity not to exceed $10,000 for tools
				of the trade or capital assets of self-employed households.
When the value of any resource is exempted in part, that
				  portion of the value which exceeds the exemption shall be considered in
				  calculating whether the eligible group's property is within the reserve defined
				  in paragraph
"e. "
o. Nonhomestead property that produces income
				consistent with the property's fair market value.