Medicaid Policy                                                                 

521-19 Conversion of an Asset

Effective Date: October 1, 2018

Previous Policy

Conversion of an asset from one form to another may change the way the asset is counted to determine a individual's countable resource.  Payments from a sale of an asset are countable if the proceeds are not used toward the purchase of an excluded or exempt asset.

Only count the portion of the proceeds not used towards the purchase of an excluded or exempt asset.

An individual may refute the market value of an asset by providing verification from a knowledgeable source, such as a financial institution.

For lump sum payments on a sales contract, see 531-3.

For transfer of assets, see 575.