N.M. Admin. Code § 8.215.500.12

Current through Register Vol. 36, No. 1, January 14, 2025

Section 8.215.500.12 - APPLICABLE RESOURCE STANDARDS

The resource standard for medicaid extension as well as retroactive SSI medicaid eligibility determinations is $2,000.

A.Liquid resources: The face value of liquid resources such as cash, savings or checking accounts is considered in determining medicaid eligibility. The countable value of resources such as securities, bonds, real estate contracts and promissory notes is based on their current fair market value.

(1) An applicant/recipient must provide verification of the value of all liquid resources. The resource value of a bank account is customarily verified by a statement from the bank showing the account balance as of the first moment of the first day of the month in question. If an applicant/recipient cannot provide this verification, the ISD worker sends a bank or postal savings clearance to the appropriate institution(s).

(2) If the applicant/recipient can demonstrate that a check was written and delivered to a payee but not cashed by the payee prior to the first moment of the first day of the month, the amount of that check is subtracted from the applicant/recipient's checking account balance to arrive at the amount to be considered a countable resource.

B.Non-liquid resources: The value of non-liquid resources is computed at current fair market value. See below for discussion of equity value.

(1)Real property: If an applicant/recipient is the sole owner of real property other than a home and has the right to dispose of it, the entire equity value is included as a countable resource. If an applicant/recipient owns property with one or more individuals and the applicant/recipient has the right, authority or power to liquidate the property or his/her share of the property, it is considered a resource. If a property right cannot be liquidated, the property will not be considered a resource to the individual. The applicant/recipient must provide a copy of the legal document which indicates his/her interest in the property.

(2)Vehicles: One automobile is totally excluded regardless of value if it is used for transportation for the individual or a member of the individual's household. Any other automobiles are considered to be Non-liquid resources. Equity in the other automobiles is counted as a resource. Recreational vehicles and boats are considered household goods and personal effects rather than vehicles.

(3)Household goods and personal effects: Household goods and personal effects are considered countable resources if the items were acquired or are held for their value or are held as an investment. Such items can include but are not limited to: gems, jewelry that is not worn or held for family significance, or collectibles.

N.M. Admin. Code § 8.215.500.12

2-1-95, 7-31-97; 8.215.500.12 NMAC - Rn, 8 NMAC 4.SSI.511, 3-1-01; A, 1-1-06; A/E, 2-1-07; A, 4-1-09, Adopted by New Mexico Register, Volume XXIX, Issue 04, February 27, 2018, eff. 3/1/2018, Amended by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021