Mississippi Administrative Code
Title 23 - Division of Medicaid
Part 103 - Resources
Chapter 1 - Introduction to Resources
Rule 23-103-1.13 - Resource Definitions

Universal Citation: MS Code of Rules 23-103-1.13

Current through September 24, 2024

A. Resources (General Definition): All assets, including real and personal property which an individual or couple:

1. Owns;

2. Can apply toward basic needs of food, clothing and shelter, either directly or by conversion to cash, (if not already cash); and

3. Are not legally restricted from use for support or maintenance.
a) Examples of resources include, but are not limited to:
1) Home,

2) Land,

3) Bank Accounts,

4) Burial Assets,

5) Life Insurance,

6) Automobiles, and

7) Investments.

B. Liquid Resources:

1. Cash or items that are readily converted to cash (within 20 workdays).

2. Liquidity or nonliquidity of a resource has no effect on a resources countability.

3. Absent evidence to the contrary, assume the following types of resources to be liquid:
a) Stocks, bonds and mutual fund shares;

b) Checking and savings accounts, time deposits, CDs;

c) US Savings Bonds, treasury bills;

d) Mortgages and promissory notes;

e) This is not an all-inclusive list of liquid resources.

C. Non-liquid Resources:

1. Are not cash and are not readily convertible to cash;

2. Liquidity or non-liquidity of a resource has no effect on a resource's countability; and

3. Absent evidence to the contrary, assume the following resources to be non-liquid:
a) Buildings, land and other real property rights,

b) Vehicles,

c) Farm machinery and livestock,

d) Household goods and personal effects, and

e) Non-cash business property.

f) This is not an all-inclusive list of non-liquid resources.

D. Real Property:

1. Land, including buildings or immovable object attached permanently to the land.

E. Personal Property:

1. Any property that is not real property.

2. Personal property includes such items as:
a) Cash,

b) Jewelry,

c) Household goods,

d) Tools,

e) Life insurance policies, and

f) Automobiles

F. Exclusion:

1. A resource, or part of a resource's value, that is not considered in the eligibility determination.

G. Countable Resources:

1. Resources remaining after all exclusions are applied.

2. The value of a resource is the amount of an individual's or couple's equity in it. The current market value and debt on a resource must be verified to determine the equity value.

H. Current Market Value (CMV):

1. The amount a resource can reasonably be expected to sell for on the open market in the particular geographical area involved or the sale price, if sold for a higher amount.

I. Equity Value:

1. The current market value (CMV) minus any encumbrance (payoff amount), i.e., a piece of property has a CMV of $35,000. The mortgage payoff is $20,000. The equity value is $15,000.

J. Encumbrance:

1. An encumbrance is a legally binding debt against a specific property.

2. The debt reduces the value of the encumbered property, but does not prevent the owner from transferring ownership (selling) to a third party.
a) However, if the owner does sell it, the creditor will nearly always require payment from the proceeds of a sale.

K. Conserved Funds:

1. Funds or property being held for an individual by another person, such as a daughter has $30,000 in a bank in her name but it is verified to be her parents money and is used for their needs.

Social Security Act §1902 (r)(2); 42 CFR §435.601(b) (Rev 1994).

Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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