New Mexico Administrative Code
Title 8 - SOCIAL SERVICES
Chapter 206 - MEDICAID ELIGIBILITY - CYFD CHILDREN (CATEGORIES 006, 017, 037, 046, 047, 060, 061, 066 and 086)
Part 500 - INCOME AND RESOURCE STANDARDS
Section 8.206.500.12 - COUNTABLE RESOURCES
Universal Citation: 8 NM Admin Code 8.206.500.12
Current through Register Vol. 35, No. 18, September 24, 2024
Countable resources include but are not limited to the following:
A. cash value of life insurance policy owned by the applicant/recipient;
B. cash, bank accounts and other readily negotiable assets owned by the applicant/recipient are countable resources;
C. equipment, tools, and motor vehicles (which do not fit the vehicle exemption);
D. livestock; and
E. asset conversion; money received from one-time or sporadic sales of real or personal property such as crops, rugs, or jewelry is considered a resource if the property is not sold or transferred in connection with a business of selfemployment activity.
(1) Actual verified expenses associated with
the purchase, sale, or production of the property are deducted from money
received from the sale to arrive at the net resource value.
(2) Property converted into money is subject
to the resource limitation regardless of whether it was fully or partially
exempt prior to conversion.
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