PM 06-24-05 Assets

WAG 06-24-05

new textASSETS

Use current AABD medical policy to determine and verify countable assets for HBWD. Refer to PM 07-02-00/WAG 07-02-00 and PM 15-04-00/WAG 15-04-00.

For HBWD, the nonexempt asset limit is $25,000, regardless of family size.

The amount of nonexempt assets, up to $25,000, owned when a person's HBWD eligibility ended are subsequently considered exempt assets for AABD community medical.

The amount exempted for AABD community medical is the lesser of $25,000 or the amount the person and spouse owned at the time the HBWD case was canceled. A person in this situation may also have nonexempt assets up to the regular AABD asset limit ($2,000 or $3,000.)  If the person states that the amount of assets owned at the time the HBWD case was canceled is more than the amount reported by HBWD, the person must provide verification.

The individual and spouse may also have unlimited:

  • retirement accounts that the individual or spouse cannot access without penalty before age 59 1/2, and
  • medical savings accounts if established under 26 U.S.C. 220.

The DHS FCRC will review assets previously reported to the HFS HBWD Unit.  The asset codes can be seen when reviewing clearances from a canceled Family Community Resource Center 250 (HBWD) case.