Mississippi Administrative Code
Title 23 - Division of Medicaid
Part 103 - Resources
Chapter 1 - Introduction to Resources
Rule 23-103-1.16 - Converted Resources
Universal Citation: MS Code of Rules 23-103-1.16
Current through September 24, 2024
A. If an individual sells, exchanges or replaces a resource, what he receives in return is a resource that has been converted from one type of resource to another.
B. Examples of converted resources are:
1. A lot with equity value of
$5,000.00 is sold and the money is deposited into a money market
account.
2. A life insurance policy
is cashed in and the proceeds are used to purchase a pre-need burial
contract.
C. Handling Changes in a Converted Resource. When a resource changes form, it may also change:
1. From an excluded resource to a
countable one,
2. From a countable
resource to an excluded one or
3.
To something that is not considered a resource for Medicaid purposes.
a) Example: An excluded vehicle is sold and
proceeds are deposited into a checking account. The money received is a
countable resource, rather than income.
b) Example: A life insurance policy with a
face value of $15,000.00 and a countable cash surrender value of $1,000.00 is
cashed in and the proceeds are used to purchase a cemetery plot which is
excluded in the resource determination.
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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