N.M. Admin. Code § 8.281.500.11

Current through Register Vol. 35, No. 20, October 22, 2024

Section 8.281.500.11 - APPLICABLE RESOURCE STANDARDS

The resource criteria and eligibility standards of this section apply to all applicants for and recipients of a MAP category of eligibility for institutional care. An applicant or recipient is eligible for a MAP category of eligibility for institutional care on the factor of resources if countable resources do not exceed $2,000. Some of an applicant's or recipient's resources are counted in the eligibility determination and some resources are excluded. Any resource which is not specifically excluded in 8.281.500.13 NMAC is considered a countable resource for the purpose of determining a MAP category of eligibility for institutional care.

A.Liquid resources: A liquid resource is cash or something that can easily be converted to cash within 20 business days. The face or surrender value of liquid resources such as cash, savings or checking accounts, and other financial instruments are considered in determining a MAP category of eligibility. The countable value of liquid resources is based on their current fair market value.

(1) An applicant or 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 or recipient cannot provide this verification, the ISD worker provides the applicant or recipient with a detailed request of all documents needed to determine a MAP category of eligibility.

(2) If the applicant or 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 or recipient checking account balance to arrive at the amount to be considered a countable resource.

B.Non-liquid resources: A non-liquid resource is something such as real property that cannot easily be converted to cash within 20 business days. The value of non-liquid resources is computed at current market value minus encumbrances or financial penalties for early withdrawal.

N.M. Admin. Code § 8.281.500.11

2-1-95, 7-31-97; 8.281.500.11 NMAC - Rn, 8 NMAC 4.ICM.511, 3-1-01; A, 1-1-06; A/E, 2-1-07; A, 4-1-09

Adopted by New Mexico Register, Volume XXVI, Issue 15, August 14, 2015, eff. 8/15/2015