Mississippi Administrative Code
Title 23 - Division of Medicaid
Part 104 - Income
Chapter 7 - Sources and Treatment of Unearned Income
Rule 23-104-7.35 - Dividends and Interest
Universal Citation: MS Code of Rules 23-104-7.35
Current through September 24, 2024
A. This type of income is defined as follows:
1. Dividends and
interest are returns on capital investments such as stocks, bond or savings
accounts.
a) Account service fees or penalties
for early withdrawal do not reduce the amount of interest or dividend
income.
B. This type of income is treated as follows:
1.
Count dividends or interest as income or excluded income based on the following
criteria:
a) When the source of the dividends
or interest is a countable resource, the dividends or interest generated is
excluded income for programs with an asset test.
1) The Medicare Cost Sharing programs (QMB,
SLMB, and QI) do not have an asset test so the exclusion does not apply to
them.
b) When the source
of the dividends or interest is a resource which is excluded under federal
statute, the dividends or interest generated is excluded income.
1) Examples are: Agent Orange payments,
Austrian Social Insurance payments, Japanese-American and Aleutian Restitution
payments, Radiation Exposure Compensation Trust Fund payments, Ricky Ray
Hemophilia Relief funds, payments to Veterans' Children with Certain Birth
Defects, etc.
c) When
the source of the dividends or interest is a resource excluded by the Social
Security Act, dividends or interest generated on the excluded resource may or
may not be excluded. Treatment is specific to the excluded resource.
1) Examples are: burial funds and burial
spaces, relocation assistance, PASS funds, gifts to children with
life-threatening diseases, victim's compensation, grants, scholarships,
fellowships and gifts, etc.
d) Under liberalized income policy, interest,
dividend and royalty income or any combination that does not exceed $5 per
month per individual is excluded.
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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